Municipal Securities Rulemaking Board Reform Act of 2026

This bill changes the rules for the Municipal Securities Rulemaking Board, which writes rules for firms that sell or advise on bonds issued by state and local governments. It sets the board at 15 members, or another odd number chosen by the Securities and Exchange Commission (SEC), with a majority coming from regulated firms and the rest from the public. Within 180 days of the law taking effect, the SEC would appoint the chair and all initial members, and the SEC could remove any member at will. Members would serve 3-year terms, and the SEC would set a maximum pay level for board members. The bill also requires the board, the SEC, and a registered securities association to meet at least twice a year and directs the SEC to adopt data standards for information sent to the board.

Full text and official record on Congress.gov

Sponsors

• John Kennedy Republican sponsor
• 0 cosponsors