As I closed out my final day as MSRB Board Chair, and four years of MSRB Board service, I wanted to take a moment to reflect on this important organization, a productive year and what this year has meant to me.
It truly has been a rewarding and consequential endeavor. As every market participant knows, the municipal finance industry is a marketplace we all can be proud of. Through cycles of heightened volatility, our market has weathered uncertainty and has remained attractive and safe for investors, while continuing to be the most cost-effective means for issuers to finance capital needs for the benefit of local communities nationwide.
When I began my term as Board Chair, the municipal market was centerstage as we recognized MSRB's 50th anniversary last fall. We had the opportunity to bring market participants together for an evening that recognized not only this important milestone, but also the power of municipal securities in shaping and strengthening American infrastructure and positively impacting Americans' quality of life.
A defining feature of this past year was our engagement with the industry and the many discussions we had with stakeholders throughout the year. Seeing firsthand how this outreach and feedback helped to inform the actions of the MSRB Board and staff is something I'm most proud of and I know will set the stage for MSRB's next 50 years. These stakeholder conversations were critically important in helping MSRB shape its FY2026-2030 strategic plan—one that focuses on regulatory modernization, market transparency and public accountability. As I exit the role of MSRB Chair, I know I leave this plan in the hands of a Board and staff that are dedicated to driving this commitment and these meaningful goals forward.
This was also the industry's first full year of MSRB's newly established multi-year rate card, which brought greater predictability and stability for regulated entities. In addition, the temporary fee credits for broker dealers returned surplus reserves to the industry—a direct response to stakeholder feedback.
Additionally, the year was shaped through regulatory efforts as MSRB focused on modernizing its rule book to reduce operational burdens for regulated entities and respond to an ever-changing environment, while ensuring issuers and investors remain protected. We led in regulatory modernization where the uniqueness of our market called for action. Rule G-27 is an excellent example as we reduced regulatory complexity around remote work and the evolving workplace. We also began an important effort to streamline Rule G-32, leading discussions around what areas are most burdensome for regulated entities.
We established a framework, in conversation with stakeholders, for a municipal advisor (MA) retrospective rule review. It has been more than 15 years since MAs became regulated entities subject to MSRB rulemaking. While the regulatory structure has advanced the professionalization of this industry, MSRB remains conscious of potential competitive and administrative burdens on smaller MA firms, which represent the vast majority. We look forward to continuing conversations with the MA community throughout the retrospective rule review. I'd also like to sincerely thank MSRB Vice Chair Wendell Gaertner for his partnership and perspective as an MA member of the Board.
Lastly, our work on technology was another key area of importance throughout my year as Chair. MSRB continues its work to deliver a full stack modernization of its technology systems, which includes moving systems to the cloud, strengthening cybersecurity protections and developing enhancements to EMMA. MSRB is committed to ensuring our technology system promotes a more transparent, fair and efficient market. We all look forward to these developments benefiting all market participants who rely upon our systems as the data repository for the municipal securities market.
In closing, the next 50 years will undoubtedly present new challenges and immense opportunities. In each of the areas highlighted, MSRB is primed to continue to advance regulatory efforts that reduce operational burdens and respond to changes in market structure, technology advancement and support the broad array of municipal market participants. Further, MSRB's ability to maintain the integrity of the municipal market has never been more important and our coordination with other regulatory bodies and continued outreach to, and feedback from, stakeholders remain key areas of focus.
It has been an absolute honor to serve the industry in this capacity and in partnership with such distinguished and committed Board members and MSRB leadership team. My service as MSRB Chair has only reinforced my belief that every corner of this market is vital, and that we as a collective are truly the bonds that make America stronger.
