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Contact:           Lynnette Kelly Hotchkiss, Executive Director
                       (703) 797-6600
                       lhotchkiss@msrb.org


Statement by John Lawlor, Chairman of the Municipal Securities Rulemaking Board (MSRB), Regarding SEC Chairman Christopher Cox's July 18, 2007 Speech Entitled "Integrity in the Municipal Market"

Alexandria, VA - We read with interest Chairman Christopher Cox's statement. "We will continue to review his speech and his proposals regarding legislation." We hope to meet soon with the SEC to understand the details of the potential legislative changes broadly outlined by the Chairman.

We welcome the plans Chairman Cox announced for additional SEC review of the municipal market, including Rule G-37 and the Nationally Recognized Municipal Securities Information Repositories (NRMSIRs), and expect to consider the results carefully in fulfilling the MSRB's rulemaking responsibilities.

Finally, the MSRB looks forward to continuing to work with the SEC, the Congress, municipal issuers, and all market participants in reviewing ideas for improvements in the municipal market.

The Municipal Securities Rulemaking Board (MSRB) protects and strengthens the municipal bond market, enabling access to capital, economic growth, and societal progress in tens of thousands of communities across the country. The MSRB fulfills this mission by creating trust in our market through informed regulation of dealers and municipal advisors that protects investors, issuers and the public interest; building technology systems that power our market and provide transparency for issuers, institutions, and the investing public; and serving as the steward of market data that empowers better decisions and fuels innovation for the future. The MSRB is a self-regulatory organization governed by a board of directors that has a majority of public members, in addition to representatives of regulated entities. The MSRB is overseen by the Securities and Exchange Commission and Congress.

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