ASA Applauds Introduction of Sen. Kennedy's MSRB Reform Act

WASHINGTON – The American Securities Association (ASA) today applauded introduction of Senator John Kennedy's (R-LA) MSRB Reform Act, legislation to bring transparency and accountability to the Municipal Securities Rulemaking Board's (MSRB) governance process. 

"ASA applauds Sen. Kennedy’s MSRB Reform Act because it brings much-needed transparency and accountability to the MSRB's governance process," said ASA President and CEO Chris Iacovella. "Reforming the MSRB's board will benefit investors by freeing our public finance markets from the influence of conflicted individuals pushing political anti-market agendas."

Sen. Kennedy’s bill requires a stricter oversight role for the SEC. Key changes that the MSRB Reform Act imposes include: 

• Reforming the MSRB's Board by making it majority industry, including two members from a bank broker-dealer and two members from a non-bank broker-dealer.
  

• The SEC can appoint and remove Board members and the MSRB Chair at will.

To view Sen. Kennedy's press release featuring ASA's support, click here.

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The American Securities Association (ASA) represents the retail and institutional capital markets interests of regional financial services firms who provide Main Street businesses with access to capital and advise hardworking Americans how to create and preserve wealth. ASA’s mission is to promote trust and confidence among investors, facilitate capital formation, and support efficient and competitively balanced capital markets. This mission advances financial independence, stimulates job creation, and increases prosperity. The ASA has a geographically diverse membership of almost one hundred members that spans the Heartland, Southwest, Southeast, Atlantic, and Pacific Northwest regions of the United States.