What does Preamble of S 3935 do?

This bill proposes to amend the Securities Exchange Act of 1934. The amendment aims to clarify the composition of the membership of the Municipal Securities Rulemaking Board. The bill is referred to the Committee on Banking, Housing, and Urban Affairs.

What does SHORT TITLE. of S 3935 do?

This bill is formally titled the Municipal Securities Rulemaking Board Reform Act of 2026.

What does THE MUNICIPAL SECURITIES RULEMAKING BOARD. of S 3935 do?

This section amends Section 15B of the Securities Exchange Act of 1934 to revise the composition and authority of the Municipal Securities Rulemaking Board (MSRB). The MSRB will consist of 15 members, or a number specified by the Commission, appointed from individuals of integrity and reputation with experience in municipal securities markets. A majority of the MSRB members must be individuals associated with a broker, dealer, municipal securities dealer, or municipal advisor (regulated representatives). The remaining members must be public representatives who were not associated with such entities during the five years preceding their appointment. The Commission may alter the number of MSRB members, provided it remains an odd number. The Commission shall appoint an initial Chairperson and members within 180 days of the Act's enactment. The Commission may appoint interim members to ensure continuity of operations before the initial appointments. The Commission is directed to issue a final rule providing the maximum compensation for an MSRB member. The MSRB must submit proposed rule changes to the Commission within 60 days of the initial member appointments.

Back to bills

Municipal Securities Rulemaking Board Reform Act of 2026 — S. 3935

Last updated: 2/26/2026 · Introduced: 2/26/2026

Author: John Kennedy (R-LA)

TL;DR (AI)

This bill amends the Securities Exchange Act of 1934 to revise the composition of the Municipal Securities Rulemaking Board (MSRB), requiring a majority of its members to have experience in municipal securities markets.
The MSRB will consist of 15 members (or a number determined by the Securities and Exchange Commission), with the remaining members being public representatives not previously associated with regulated entities.
The Securities and Exchange Commission is directed to establish maximum compensation for MSRB members and appoint initial members within 180 days of the Act's enactment.

119th Congressin committeeOfficial page

Verified Votes

No verified votes yet.

Community Votes

No community votes yet. Be the first!

Voting as guest · Sign in for verified votes

Other Sections

Includes provisions on preamble, short title., and 1 more.

3 sections

Click "Show details" to explore individual sections. Use the community vote above or visit All Sections to vote per section.

Read official text

Want the full experience?

Create a free account to cast verified votes on each section, get a personalized summary, and track your voting history.

Create Free Account