Letter from the Board Chair and the CEO (January 2025)
MSRB serves an essential role in safeguarding the integrity of our nation’s $4 trillion capital market, which finances stronger, more resilient communities for all Americans. Municipal bonds catalyze investment in public infrastructure, which impacts nearly every aspect of our daily lives—the water we drink, the schools that educate our children, the roads and transit systems that get us where we need to be, the hospitals that care for our sick—the list goes on. Everywhere you look, municipal bonds are hard at work improving quality of life and making America stronger.
In 1975, Congress established MSRB as a self-regulatory organization (SRO) to protect investors, issuers and the public interest by ensuring a fair and efficient municipal securities market. As an SRO, MSRB is governed by an independent board of directors, which includes both members of the public and representatives of regulated entities, all of whom have extensive experience in the municipal market. This broad representation ensures MSRB has the relevant knowledge and expertise to address a rapidly evolving market through informed regulation that safeguards the interests of the investors and issuers we are responsible for protecting.
As we celebrate our 50th anniversary in 2025, MSRB remains resolute in upholding its congressional mandate through market regulation, market transparency and market integrity. We advance our mission by:
- Establishing rules and reexamining existing ones to ensure they continue to level the playing field for all market participants and eliminate unnecessary barriers to competition.
- Operating technology systems that are essential to a fair and orderly market, such as our Electronic Municipal Market Access (EMMA®) website, which serves as the official repository for municipal securities data and documents, and enhancing market transparency by making this information available to the public for free.
- Promoting the integrity of this market by adapting to evolving market structure driven by emerging technologies and changing business models.
In this annual report, we are pleased to highlight the progress we have made in advancing our FY 2022–2025 Strategic Plan. On behalf of MSRB, it is truly a privilege and honor to serve the municipal securities market and give America the confidence to invest in its communities.
Sincerely,
Warren "Bo" Daniels, Board Chair
Mark Kim, CEO
