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The Securities and Exchange Commission is conducting a review of the municipal securities market, examining a wide range of issues including disclosure and transparency, financial reporting and accounting, and investor protection and education. SEC Chairman Mary L. Schapiro first announced in May 2010 that Commissioner Elisse B. Walter, along with fellow Commissioners and staff from across the agency, would lead this effort. Ultimately, the Commission staff will prepare a report concerning the state of the municipal securities market, including their recommendations for further action that the Commission should pursue, which may include Commission rulemaking, changes in industry “best practices,’ or legislation by Congress.
Protecting investors in the municipal securities market is a core function of the Commission and the staff is dedicated to gathering information about the market and developing recommendations for improving the state of the municipal securities market.
The Commission invites all interested parties to contact us with observations about the municipal securities market and suggestions for improvements. Additionally, Commission staff is available and eager to conduct in-person meetings at SEC headquarters in Washington, D.C.
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My colleagues and I look forward to hearing the views of investors and others on further strengthening and
enhancing this vital market.
—Commissioner Elisse B. Walter
- In 1945, there was less than $20 billion of municipal debt outstanding.
- In 1960, there was $66 billion of municipal debt outstanding.
- In 1981, there was $361 billion of municipal debt outstanding.
- Today investors hold approximately $2.8 trillion of municipal debt.
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