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.

[Congressional Bills 119th Congress] [From the U.S. Government Publishing Office] [S. 3935 Introduced in Senate (IS)] <DOC> 119th CONGRESS 2d Session S. 3935 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. _______________________________________________________________________ IN THE SENATE OF THE UNITED STATES February 26, 2026 Mr. Kennedy introduced the following bill; which was read twice and referred to the Committee on Banking, Housing, and Urban Affairs _______________________________________________________________________ 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. Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, SECTION 1. SHORT TITLE. This Act may be cited as the ``Municipal Securities Rulemaking Board Reform Act of 2026''. SEC. 2. THE MUNICIPAL SECURITIES RULEMAKING BOARD. (a) In General.--Section 15B of the Securities Exchange Act of 1934 (15 U.S.C. 78o-4) is amended-- (1) by striking subsection (b) and inserting the following: ``(b) Municipal Securities Rulemaking Board.-- ``(1) Membership.-- ``(A) Definitions.--For the purposes of this paragraph, a person is associated with-- ``(i) a municipal securities broker if that person is-- ``(I) a partner, officer, director, or branch manager of a municipal securities broker; ``(II) a person occupying a similar status as, or performing similar functions as, a person described in subclause (I); ``(III) any other employee of a municipal securities broker who is directly engaged in the management, direction, supervision, or performance of any activities relating to the business of effecting transactions in municipal securities for the account of others; or ``(IV) a person directly or indirectly controlling, controlled by,