The U.S. Department of the Treasury (Treasury), the U.S. Securities and Exchange Commission (SEC), the Internal Revenue Service (IRS), and the Municipal Securities Rulemaking Board (MSRB) are responsible for implementing federal policy on issues related to revenue, taxes, securities, and municipal bonds. Following are links to recent agency regulatory activities that may impact cities and towns.
In late December 2010, the U.S. Securities and Exchange Commission (SEC) proposed a rule requiring the registration of volunteer board members of bond issuing municipal and regional organizations and authorities as financial advisors. Considering that the SEC's rationale for extending the registration requirement, which currently applies to for-profit advisors, is unclear, NLC submitted comments that such a requirement would have a chilling effect on local governments' ability to recruit high quality volunteers to serve these roles in their communities. In addition, NLC believes that the rule is duplicative since most boards are already subject to local rules regarding conflicts of interest and public sunshine laws.
NLC Comments to SEC (2/22/11)