ASA Questions MSRB's Leadership in Trade Reporting Rule Reversal

WASHINGTON – The American Securities Association (ASA) today questioned the Municipal Securities Rulemaking Board (MSRB)'s leadership for its decision to put forward a politically-motivated trade reporting rule, only to rescind a large portion of it today.

"The MSRB leadership’s blind adoption of the previous administration's anti-market political agenda is inexcusable, and while we welcome today's reawakening, it comes after millions of dollars were wasted on comment letters and ASA’s lawsuit to stop this politically-motivated leadership decision," said ASA President and CEO Chris Iacovella. "This publicly embarrassing about-face, under the guise of industry engagement and so-called 'new information', is exactly why the MSRB Board needs to change its leadership and restore the public’s trust and confidence in the organization. The MSRB is supposed to be an apolitical institution that represents all of the public interest, not one that embodies the dogmatic political ideology of its leader."

In February, ASA filed a brief in the U.S. Court of Appeals for the Eleventh Circuit challenging the constitutionality of the MSRB as well as its amendments to a post-trade reporting rule.

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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.