A bill to amend the Securities Exchange Act of 1934 to clarify the composition of the membership of the Municipal Securities Rulemaking Board, and for other purposes.

# Bill Summary: S 3935 **What the Bill Would Do** This bill would modify the rules governing the Municipal Securities Rulemaking Board (MSRB), an organization that creates regulations for the municipal bond market. Specifically, it would clarify how members are selected and what types of representatives sit on the board. The bill also includes unspecified additional provisions ("and for other purposes"), though detailed specifics aren't available in this basic summary. **Who It Affects** The MSRB oversees professionals and firms that buy, sell, and trade municipal bonds—the debt issued by states, cities, and local governments to fund infrastructure projects.

Changes to board membership could affect municipal bond dealers, investors in municipal bonds, and ultimately taxpayers in communities that rely on municipal bonds for financing public projects. **Current Status** S 3935 was introduced by Senator John Kennedy (R-LA) in the 119th Congress and is currently pending in committee, meaning it has not yet advanced to a full Senate vote. The bill has not been enacted and would require committee approval and Senate passage to become law.