WASHINGTON — As House lawmakers this week vote on a bill that would require a majority of the Municipal Securities Rulemaking Board’s members to be public, the new chairman is stressing that the MSRB’s existing dealer-dominated structure has served the market and investors well since its creation in 1975.

Peter Clarke, managing director and vice chairman of tax-exempt capital markets at JPMorgan in New York, who became chairman of the board at the start of the month, is quick to note that the makeup of the MSRB is entirely a prerogative of Congress. But there should be no doubt, he said, that the MSRB has a “proud history” of investor protection and that self-regulation has worked “really well.”

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