January 28, 2011
I am a volunteer Board member of a California joint powers agency established as a conduit issuer of tax exempt municipal bonds. My organization exists to make it easier for worthy projects, mostly affordable housing providers and private schools, to issue tax-exempt debt. It's a great mission and I am proud to serve on the Board of this organization, but I would probably resign if I had to register with the SEC as a municipal advisor. My role is very different from the folks I know who actually advise municipalities, I receive no compensation for it, and the proposed registration requirement would strongly discourage the participation of myself and probably every other appointed official I know.