The Municipal Securities Rulemaking Board should be folded into the Securities and Exchange Commission, which should expand its oversight to cover all financial tools and participants in the muni market, Tom Doe, CEO of Municipal Market Advisors and a former MSRB board member, is expected to tell a Senate panel this morning.
“The 34-year era of the municipal industry’s self-regulation must come to an end,” Doe will tell members of the Senate Banking Committee at a hearing on investor protection and the regulation of securities markets, according to a prepared copy of his testimony obtained by The Bond Buyer.
Doe’s remarks argue that muni regulation would be better today if its main regulator were “independent of the financial institutions that create financial products and facilitate issuers’ borrowing,” and if muni regulation was integrated into “the national regime of regulation.”
