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Contact:           Lynnette Kelly Hotchkiss, Executive Director
                       (703) 797-6600
                       lhotchkiss@msrb.org


Statement by John Lawlor, Chairman of the Municipal Securities Rulemaking Board (MSRB), Regarding SEC Chairman Christopher Cox's July 18, 2007 Speech Entitled "Integrity in the Municipal Market"

Alexandria, VA - We read with interest Chairman Christopher Cox's statement. "We will continue to review his speech and his proposals regarding legislation." We hope to meet soon with the SEC to understand the details of the potential legislative changes broadly outlined by the Chairman.

We welcome the plans Chairman Cox announced for additional SEC review of the municipal market, including Rule G-37 and the Nationally Recognized Municipal Securities Information Repositories (NRMSIRs), and expect to consider the results carefully in fulfilling the MSRB's rulemaking responsibilities.

Finally, the MSRB looks forward to continuing to work with the SEC, the Congress, municipal issuers, and all market participants in reviewing ideas for improvements in the municipal market.

The Municipal Securities Rulemaking Board (MSRB) was established by Congress in 1975 with the mission to protect investors, issuers and the public interest and to promote efficiency, competition and capital formation. MSRB is a private, self-regulatory organization governed by an independent board of directors with market knowledge and expertise. MSRB does not receive federal appropriations and is funded primarily through fees paid by regulated entities. MSRB is overseen by Congress and the Securities and Exchange Commission.

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