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Senate Committee on Banking, Housing, and Urban Affairs, Chairman Chris Dodd (D-CT) Contact: Kirstin ... - page 11 / 11

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MUNICIPAL SECURITIES

Municipal securities will have better oversight through the registration of municipal advisers and increased investor representation on the Municipal Securities Rulemaking Board.

Why Change is Needed: Financial advisers to municipal securities issuers have been involved in “pay- to-play” scandals and have recommended unsuitable derivatives for small municipalities, among other inappropriate actions, and are not currently regulated.

Better Oversight of Municipal Securities

  • Registers Advisors and Brokers: Requires SEC registration for financial advisers, swap advisers, and investment brokers unregulated intermediaries who play key roles in the municipal bond market.

  • Regulates Advisors and Brokers: Subjects financial advisers, swap advisers, and investment brokers to rules issued by the Municipal Securities Rulemaking Board and enforced by the SEC or a designee.

  • Puts Investors First on the MSRB Board: Gives investor and public representatives a majority on the MSRB to better protect investors in the municipal securities market where there has been less transparency than in corporate debt markets.

CREATING A 21st CENTURY WORKFORCE FOR 21st CENTURY REGULATORS

This bill will take a look at a key hurdle for creating competent regulatory agencies: competent staff.

Why Change is Needed: The new proposals will create three new agencies the Financial Institutions Regulatory Administration, the Agency for Financial Stability and the Consumer Financial Protection Agency each posing staffing challenges that will determine the regulators’ success or failure.

A Better Work Environment to Attract Better Staff: The bill will set up a panel to look at the staffing needs of the three new agencies based on the successful panel that helped the IRS to improve their hiring practices. The advisory panel will last only three years to see that these agencies are able to attract, cultivate, and retain competent staff qualified to regulate complex, 21st century financial institutions.

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