by Jacob Lesser, General Counsel
December 2025
MSRB recently announced that it is soliciting applications for four positions on its Board of Directors for the 2027 fiscal year. Selected candidates will be elected to four-year terms beginning October 1, 2026, where they will have the opportunity to advance MSRB’s mission to protect investors, issuers, and the public interest.
But before we launch into what’s next, we thought it would be helpful to provide an overview of who makes up MSRB’s Board of Directors and how our process ensures strong corporate governance that brings the perspectives and industry expertise that shape our work to promote a fair and efficient municipal securities market.
MSRB's Board is composed of 15 members who are seasoned experts with over 300 years of collective experience in the municipal securities market. These professionals hail from all corners of the market, including banks, broker-dealers, municipal advisors, issuers and investors.
The Board maintains a balance between public and industry representation, with eight members who are independent of the entities the MSRB regulates (including at least one investor, one issuer, and one member of the public with knowledge of or experience in the municipal securities industry) and seven members who are representative of the entities regulated by MSRB (including at least one bank representative, one broker-dealer representative, and two municipal advisors). To ensure independence, public members must not have been associated with a regulated firm for at least five years and must have no other relationship with a regulated entity that could affect their independent judgment and decision making. Board terms last four years and are staggered for continuity of representation on the Board.
Anyone with relevant knowledge and experience can apply to be on MSRB’s Board. Once applications are submitted, MSRB staff conducts an initial review to confirm each applicant’s eligibility as a public or regulated representative and ensure that all necessary information has been provided in the application. Read the FAQs for additional information on Board membership categories and eligibility.
The Board's Nominating Committee then reviews all applications and selects candidates for interviews during a rigorous, multi-step process. Additional screening, including the Board Member Candidate Questionnaire, is required for applicants who are interviewed. Candidates from varied backgrounds that meet Board composition requirements are evaluated based on expertise, organization type and size, and geographic location, and are selected according to the Board’s evolving needs.
After completion of the interview process, the Nominating Committee nominates selected candidates to the full Board of Directors for election, and the nominating process is concluded by September 30. Upon completion of the process, the new Board members are publicly announced, and the names of all applicants are published on MSRB’s website. Individuals not selected are encouraged to apply again, as the Board’s needs can change each year.
While this is a lengthy and time-intensive process, it is one that merits such diligence, as MSRB remains committed to strong corporate governance as we work to give America the confidence to invest in its communities.
Learn more about MSRB’s Board.
Get to know MSRB’s current Board members.
Apply to serve on MSRB’s Board
