Municipal Securities Rulemaking Board Reform Act of 2026

This bill, the Municipal Securities Rulemaking Board Reform Act of 2026, changes how the Municipal Securities Rulemaking Board is structured by clarifying who can serve on it. The board would consist of 15 members, with a majority representing brokers, dealers, and advisors in the municipal securities market, while the remaining members would represent the public, investors, and municipal entities. The bill also requires the board to establish standards for training, experience, and competence for those working in municipal securities, create rules to prevent fraud and protect investors, and set up systems for collecting and sharing data about market transactions.