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.

Senate Bill

S. 3935

119th Congress

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.

In Committee

Introduced:Feb 26, 2026

Primary Sponsor

John Kennedy

R - LA

Cosponsors

0

Quick Stats

Summary

This bill would change the membership rules for the Municipal Securities Rulemaking Board, which oversees the market for bonds issued by state and local governments to fund schools, roads, and infrastructure. Senator Kennedy's legislation aims to clarify who can serve on this board that regulates the roughly $4 trillion municipal bond market.

Latest Action

Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

Introduced2/26/2026

StatusRead twice and referred to the Committee on Banking, Housing, and Urban Affairs.

ChamberSenate

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Vote Prediction

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.

This bill would change the membership rules for the Municipal Securities Rulemaking Board, which oversees the market for bonds issued by state and local governments to fund schools, roads, and infrastructure. Senator Kennedy's legislation aims to clarify who c

Community Breakdown

Pass

0%

Fail

0%

0 predictions

This bill would change the membership rules for the Municipal Securities Rulemaking Board, which oversees the market for bonds issued by state and local governments to fund schools, roads, and infrastructure. Senator Kennedy's legislation aims to clarify who can serve on this board that regulates the roughly $4 trillion municipal bond market.

Bill Number: 3935
Introduced: 2/26/2026
Status: Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

Data from Congress.gov

AI-generated summary

Fact Sheet

Title: 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 Number: 3935
Sponsor: No sponsor
Status: Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Introduced: 2/26/2026
Summary: This bill would change the membership rules for the Municipal Securities Rulemaking Board, which oversees the market for bonds issued by state and local governments to fund schools, roads, and infrastructure. Senator Kennedy's legislation aims to clarify who can serve on this board that regulates th

Data from Congress.gov

AI Summary

Plain-English explanation of this bill

This bill would change the membership rules for the Municipal Securities Rulemaking Board, which oversees the market for bonds issued by state and local governments to fund schools, roads, and infrastructure. Senator Kennedy's legislation aims to clarify who can serve on this board that regulates the roughly $4 trillion municipal bond market.

Last updated: 2/28/2026

Key Points

Main provisions of the bill

Modifies the composition of the board that writes rules for the municipal bond market, which funds critical local infrastructure projects like schools, bridges, and water systems
Affects oversight of a market that helps states and cities borrow money at lower rates, potentially impacting taxpayer costs for public projects
Currently in the early stage of the legislative process with referral to the Senate Banking Committee and no cosponsors yet
Could influence how municipal bond regulations are developed and who has a voice in creating rules that affect government borrowing costs

How This Impacts Americans

Potential effects on citizens and communities

This bill would primarily affect financial professionals who work in the municipal bond market, state and local government officials who issue bonds, and indirectly taxpayers whose communities rely on bond financing. By changing the board's composition, it could alter the perspectives and priorities that shape regulations, potentially affecting borrowing costs for cities and states, which ultimately impacts local tax rates and the cost of public projects in communities nationwide.

Policy Areas

No policy areas assigned yet.

Scope & Jurisdiction

Jurisdiction Level

federal

Congressional Session

119th Congress

Citation Reference

3935, 119th Congress (2026). "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.". Source: Voter's Right Platform. https://votersright.org/bills/119-s-3935

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