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Municipal Securities Rulemaking Board Reform Act: Enhancing Oversight of Local Bonds

This Act reforms the board that regulates the municipal bond market to ensure better protection for investors and transparency in local government financing. It aims to safeguard citizens' investments in community projects like infrastructure and schools by improving market oversight.
Key points
Restructures the Board to 15 members, with a mix of industry experts and public representatives.
Requires public representatives to have no industry ties for at least five years before joining.
Grants the SEC the power to appoint and remove Board members to ensure accountability.
Prohibits charging fees to local governments for submitting data or to the public for accessing information online.
Sets higher professional and ethical standards for financial advisors working with cities and towns.
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Status:
Introduced
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Additional Information
Print number: 119_S_3935
Sponsor: Sen. Kennedy, John [R-LA]
Process start date: 2026-02-26
System Note: Lustra is free, publicly auditable civic infrastructure, with full source code available on GitHub. You are reading sterilized legislative data, processed by our radical neutrality engine to strip political spin and retain factual mechanics. We process only official government data. Original documents remain the authoritative source, always verify them if you can.
Summarized by: gemini-flash-latest
Source data: api.congress.gov
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OFFICIAL LEGAL TITLE

Municipal Securities Rulemaking Board Reform Act of 2026

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 119_S_3935.

Which chamber initiated this legislation?

This legislation was initiated in the Senate.

When did the legislative process begin?

The process officially started on 2026-02-26.

What are the main provisions?

Key points include:

  • Restructures the Board to 15 members, with a mix of industry experts and public representatives.
  • Requires public representatives to have no industry ties for at least five years before joining.
  • Grants the SEC the power to appoint and remove Board members to ensure accountability.
  • Prohibits charging fees to local governments for submitting data or to the public for accessing information online.
  • Sets higher professional and ethical standards for financial advisors working with cities and towns.
What is the specific legal status?

The current status is Introduced.

Where can I read the full text of this legislation?

The full official text is available at: View full text

Who is the primary sponsor?

The primary sponsor is Sen. Kennedy, John [R-LA].

What is the latest detailed status?

The latest detailed status is: Introduced in Senate

Is this summary verified?

Yes. This content was analyzed by AI and verified by the Lustra Judge System on 2026-03-17.

What is the impact of this bill?

We don't know, that is up to you to decide. Summarizing raw data with AI is fundamentally different from predicting socio-economic outcomes. As of 2026, we believe impact assessment strictly requires a human in the loop to verify and judge.

CATEGORIES

Economy Courts and Law Local Government