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Municipal Securities Rulemaking Board - Wikipedia

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dir="ltr"><style data-mw-deduplicate="TemplateStyles:r1257001546">.mw-parser-output .infobox-subbox{padding:0;border:none;margin:-3px;width:auto;min-width:100%;font-size:100%;clear:none;float:none;background-color:transparent}.mw-parser-output .infobox-3cols-child{margin:auto}.mw-parser-output .infobox .navbar{font-size:100%}@media screen{html.skin-theme-clientpref-night .mw-parser-output .infobox-full-data:not(.notheme)>div:not(.notheme)[style]{background:#1f1f23!important;color:#f8f9fa}}@media screen and (prefers-color-scheme:dark){html.skin-theme-clientpref-os .mw-parser-output .infobox-full-data:not(.notheme) div:not(.notheme){background:#1f1f23!important;color:#f8f9fa}}@media(min-width:640px){body.skin--responsive .mw-parser-output .infobox-table{display:table!important}body.skin--responsive .mw-parser-output .infobox-table>caption{display:table-caption!important}body.skin--responsive .mw-parser-output .infobox-table>tbody{display:table-row-group}body.skin--responsive .mw-parser-output .infobox-table tr{display:table-row!important}body.skin--responsive .mw-parser-output .infobox-table th,body.skin--responsive .mw-parser-output .infobox-table td{padding-left:inherit;padding-right:inherit}}</style><table class="infobox vcard"><caption class="infobox-title fn org">Municipal Securities Rulemaking Board</caption><tbody><tr><td colspan="2" class="infobox-image logo"><span class="mw-default-size" typeof="mw:File/Frameless"><a href="/wiki/File:Municipal_Securities_Rulemaking_Board_logo.svg" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/commons/thumb/a/ad/Municipal_Securities_Rulemaking_Board_logo.svg/220px-Municipal_Securities_Rulemaking_Board_logo.svg.png" decoding="async" width="220" height="71" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/a/ad/Municipal_Securities_Rulemaking_Board_logo.svg/330px-Municipal_Securities_Rulemaking_Board_logo.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/a/ad/Municipal_Securities_Rulemaking_Board_logo.svg/440px-Municipal_Securities_Rulemaking_Board_logo.svg.png 2x" data-file-width="2411" data-file-height="780" /></a></span></td></tr><tr><th scope="row" class="infobox-label" style="padding-right:0.6em;">Founded</th><td class="infobox-data note">June&#160;4, 1975<span class="noprint">&#59;&#32;49 years ago</span><span style="display:none">&#160;(<span class="bday dtstart published updated">1975-06-04</span>)</span> in <a href="/wiki/Washington,_D.C." title="Washington, D.C.">Washington</a>, <a href="/wiki/United_States" title="United States">United States</a></td></tr><tr><th scope="row" class="infobox-label" style="padding-right:0.6em;">Founder</th><td class="infobox-data"><a href="/wiki/United_States_Congress" title="United States Congress">United States Congress</a></td></tr><tr><th scope="row" class="infobox-label" style="padding-right:0.6em;">Type</th><td class="infobox-data">Self-regulatory governmental organization</td></tr><tr><th scope="row" class="infobox-label" style="padding-right:0.6em;">Location</th><td class="infobox-data label"><style data-mw-deduplicate="TemplateStyles:r1126788409">.mw-parser-output .plainlist ol,.mw-parser-output .plainlist ul{line-height:inherit;list-style:none;margin:0;padding:0}.mw-parser-output .plainlist ol li,.mw-parser-output .plainlist ul li{margin-bottom:0}</style><div class="plainlist"><ul><li><span class="locality"><a href="/wiki/Washington,_DC" class="mw-redirect" title="Washington, DC">Washington, DC</a></span>, <span class="country-name"><a href="/wiki/United_States" title="United States">United States</a></span></li></ul></div></td></tr><tr><th scope="row" class="infobox-label" style="padding-right:0.6em;">Products</th><td class="infobox-data"><a href="/wiki/Financial_regulation" title="Financial regulation">Financial regulation</a> of municipal bonds</td></tr><tr><th scope="row" class="infobox-label" style="padding-right:0.6em;">Fields</th><td class="infobox-data"><a href="/wiki/Financial_services" title="Financial services">Financial services</a></td></tr><tr><th scope="row" class="infobox-label" style="padding-right:0.6em;">Website</th><td class="infobox-data"><span class="url"><a rel="nofollow" class="external text" href="http://www.msrb.org/">www<wbr />.msrb<wbr />.org</a></span></td></tr></tbody></table> <p>The <b>Municipal Securities Rulemaking Board</b> (<b>MSRB</b>) is a <a href="/wiki/United_States" title="United States">United States</a> <a href="/wiki/Self-regulatory_organization" title="Self-regulatory organization">self-regulatory financial organization</a> that writes investor protection rules and other rules regulating <a href="/wiki/Broker-dealer" title="Broker-dealer">broker-dealers</a> and <a href="/wiki/Bank" title="Bank">banks</a> in the <a href="/wiki/Municipal_securities" class="mw-redirect" title="Municipal securities">municipal securities market</a>. This including tax-exempt and taxable <a href="/wiki/Municipal_bond" title="Municipal bond">municipal bonds</a>, municipal notes, and other securities issued by states, cities, and counties or their agencies to help finance public projects or for other public policy purposes. </p> <meta property="mw:PageProp/toc" /> <div class="mw-heading mw-heading2"><h2 id="History">History</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Municipal_Securities_Rulemaking_Board&amp;action=edit&amp;section=1" title="Edit section: History"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>The MSRB was created by the Section 15B of the <a href="/wiki/Securities_Exchange_Act_of_1934" title="Securities Exchange Act of 1934">Securities Exchange Act of 1934</a> (as amended by the <a href="/wiki/Securities_Acts_Amendments_of_1975" title="Securities Acts Amendments of 1975">Securities Acts Amendments of 1975</a>, <a href="/wiki/Act_of_Congress#Public_law,_private_law,_designation" title="Act of Congress"><abbr title="Public Law">Pub. L.</abbr></a>&#160;<a rel="nofollow" class="external text" href="https://uslaw.link/citation/us-law/public/94/29">94–29</a>, and codified at <a href="/wiki/Title_15_of_the_United_States_Code" title="Title 15 of the United States Code">15&#160;U.S.C.</a>&#160;<a rel="nofollow" class="external text" href="https://www.law.cornell.edu/uscode/text/15/78o-4(b)">§&#160;78o-4(b)</a>) to create a mechanism for the regulation of municipal securities as well as <a href="/wiki/Broker" title="Broker">brokers</a>, <a href="/wiki/Broker-dealer" title="Broker-dealer">dealers</a>, and banks in the municipal securities business.<sup id="cite_ref-1" class="reference"><a href="#cite_note-1"><span class="cite-bracket">&#91;</span>1<span class="cite-bracket">&#93;</span></a></sup><sup id="cite_ref-2" class="reference"><a href="#cite_note-2"><span class="cite-bracket">&#91;</span>2<span class="cite-bracket">&#93;</span></a></sup> </p><p>The <a href="/wiki/Dodd%E2%80%93Frank_Wall_Street_Reform_and_Consumer_Protection_Act" title="Dodd–Frank Wall Street Reform and Consumer Protection Act">Dodd–Frank Wall Street Reform and Consumer Protection Act</a> of 2010 broadened the MSRB's rulemaking authority to also regulate so-called municipal advisors, which include financial advisors, <a href="/wiki/Swap_(finance)" title="Swap (finance)">swap</a> advisors, brokers of <a href="/wiki/Guaranteed_investment_contract" title="Guaranteed investment contract">guaranteed investment contracts</a> and other market participants that advise on the issuance of municipal securities and provide certain other types of advice to state and local governments, public pension funds and other municipal entities on municipal derivatives, investment strategies and other financial matters. As of March 2013<sup class="plainlinks noexcerpt noprint asof-tag update" style="display:none;"><a class="external text" href="https://en.wikipedia.org/w/index.php?title=Municipal_Securities_Rulemaking_Board&amp;action=edit">&#91;update&#93;</a></sup>, since the SEC has not released the definition of "municipal advisor", the MSRB's rules in this regard are suspended and there is considerable concern in the industry as to whether underwriters and/or other regulated professionals may be viewed as municipal advisors, thereby having the related fiduciary duties. The MSRB's investor protection rules will be extended to protect municipal entities as well. </p> <div class="mw-heading mw-heading2"><h2 id="Mandate">Mandate</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Municipal_Securities_Rulemaking_Board&amp;action=edit&amp;section=2" title="Edit section: Mandate"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>Like the <a href="/wiki/Financial_Industry_Regulatory_Authority" title="Financial Industry Regulatory Authority">Financial Industry Regulatory Authority</a> (FINRA), the MSRB is a self-regulatory organization that is subject to oversight by the <a href="/wiki/Securities_and_Exchange_Commission" class="mw-redirect" title="Securities and Exchange Commission">Securities and Exchange Commission</a> (SEC).<sup id="cite_ref-handbook_3-0" class="reference"><a href="#cite_note-handbook-3"><span class="cite-bracket">&#91;</span>3<span class="cite-bracket">&#93;</span></a></sup> The MSRB is authorized to create rules designed "to prevent fraudulent and manipulative acts and practices, to promote just and equitable principles of trade, to foster cooperation and coordination with persons engaged in regulating, clearing, settling, and processing information with respect to, and facilitating transactions in municipal securities, to remove impediments to and perfect the mechanism of a free and open market in municipal securities, and, in general, to protect investors and the public interest."<sup id="cite_ref-creation_4-0" class="reference"><a href="#cite_note-creation-4"><span class="cite-bracket">&#91;</span>4<span class="cite-bracket">&#93;</span></a></sup> While the MSRB sets standards for broker-dealers, banks, and municipal advisors, MSRB rules do not apply to issuers of municipal securities or other municipal entities, which Congress generally exempted from most provisions of the federal securities laws (such as the <a href="/wiki/Securities_Act_of_1933" title="Securities Act of 1933">Securities Act of 1933</a>, the <a href="/wiki/Securities_Exchange_Act_of_1934" title="Securities Exchange Act of 1934">Securities Exchange Act of 1934</a> and the <a href="/wiki/Investment_Company_Act_of_1940" title="Investment Company Act of 1940">Investment Company Act of 1940</a>) otherwise applicable to private-sector issuers of corporate and other types of securities.<sup id="cite_ref-handbook_3-1" class="reference"><a href="#cite_note-handbook-3"><span class="cite-bracket">&#91;</span>3<span class="cite-bracket">&#93;</span></a></sup> MSRB rules are enforced by various other federal regulatory organizations, including the SEC, FINRA, the <a href="/wiki/Federal_Reserve_System" class="mw-redirect" title="Federal Reserve System">Federal Reserve System</a>, the <a href="/wiki/Federal_Deposit_Insurance_Corporation" title="Federal Deposit Insurance Corporation">Federal Deposit Insurance Corporation</a> (FDIC) and the <a href="/wiki/Office_of_the_Comptroller_of_the_Currency" title="Office of the Comptroller of the Currency">Office of the Comptroller of the Currency</a> (OCC).<sup id="cite_ref-5" class="reference"><a href="#cite_note-5"><span class="cite-bracket">&#91;</span>5<span class="cite-bracket">&#93;</span></a></sup> </p><p>Among its investor protection rules, the MSRB is best known for adopting the first nationwide <a href="/wiki/Pay_to_Play" class="mw-redirect" title="Pay to Play">Pay to Play</a> rule, known as Rule G-37, designed to eliminate the use of political contributions to obtain municipal underwriting business from state and local governments. The MSRB's investor protection rules also apply to state-operated <a href="/wiki/529_plan" title="529 plan">529 plans</a> marketed by broker-dealers, as well as to the underwriting, sales and trading of <a href="/wiki/Build_America_Bonds" title="Build America Bonds">Build America Bonds</a> and other taxable municipal obligations. In addition, the MSRB operates the <a href="/wiki/Electronic_Municipal_Market_Access" title="Electronic Municipal Market Access">Electronic Municipal Market Access</a> (EMMA) system, which provides free on-line access to comprehensive municipal securities disclosure documents, trade prices, interest rate information, and market statistics. </p> <div class="mw-heading mw-heading2"><h2 id="Structure">Structure</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Municipal_Securities_Rulemaking_Board&amp;action=edit&amp;section=3" title="Edit section: Structure"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>The MSRB is composed of members from regulated broker-dealers and banks as well as from the public. Beginning on October 1, 2010, the MSRB will be recomposed to consist of a majority of independent public members and to include representatives of municipal advisors. </p> <div class="mw-heading mw-heading2"><h2 id="See_also">See also</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Municipal_Securities_Rulemaking_Board&amp;action=edit&amp;section=4" title="Edit section: See also"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <ul><li><a href="/wiki/Financial_Industry_Regulatory_Authority" title="Financial Industry Regulatory Authority">Financial Industry Regulatory Authority</a> (FINRA)</li> <li><a href="/wiki/Securities_Investor_Protection_Corporation" title="Securities Investor Protection Corporation">Securities Investor Protection Corporation</a> (SIPC)</li> <li><a href="/wiki/Securities_market_participants_(United_States)" title="Securities market participants (United States)">Securities market participants (United States)</a></li></ul> <div class="mw-heading mw-heading2"><h2 id="References">References</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Municipal_Securities_Rulemaking_Board&amp;action=edit&amp;section=5" title="Edit section: References"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <style data-mw-deduplicate="TemplateStyles:r1239543626">.mw-parser-output .reflist{margin-bottom:0.5em;list-style-type:decimal}@media screen{.mw-parser-output .reflist{font-size:90%}}.mw-parser-output .reflist .references{font-size:100%;margin-bottom:0;list-style-type:inherit}.mw-parser-output .reflist-columns-2{column-width:30em}.mw-parser-output .reflist-columns-3{column-width:25em}.mw-parser-output .reflist-columns{margin-top:0.3em}.mw-parser-output .reflist-columns ol{margin-top:0}.mw-parser-output .reflist-columns li{page-break-inside:avoid;break-inside:avoid-column}.mw-parser-output .reflist-upper-alpha{list-style-type:upper-alpha}.mw-parser-output .reflist-upper-roman{list-style-type:upper-roman}.mw-parser-output .reflist-lower-alpha{list-style-type:lower-alpha}.mw-parser-output .reflist-lower-greek{list-style-type:lower-greek}.mw-parser-output .reflist-lower-roman{list-style-type:lower-roman}</style><div class="reflist"> <div class="mw-references-wrap"><ol class="references"> <li id="cite_note-1"><span class="mw-cite-backlink"><b><a href="#cite_ref-1">^</a></b></span> <span class="reference-text"><style data-mw-deduplicate="TemplateStyles:r1238218222">.mw-parser-output cite.citation{font-style:inherit;word-wrap:break-word}.mw-parser-output .citation q{quotes:"\"""\"""'""'"}.mw-parser-output .citation:target{background-color:rgba(0,127,255,0.133)}.mw-parser-output .id-lock-free.id-lock-free a{background:url("//upload.wikimedia.org/wikipedia/commons/6/65/Lock-green.svg")right 0.1em center/9px no-repeat}.mw-parser-output .id-lock-limited.id-lock-limited a,.mw-parser-output .id-lock-registration.id-lock-registration a{background:url("//upload.wikimedia.org/wikipedia/commons/d/d6/Lock-gray-alt-2.svg")right 0.1em center/9px no-repeat}.mw-parser-output .id-lock-subscription.id-lock-subscription a{background:url("//upload.wikimedia.org/wikipedia/commons/a/aa/Lock-red-alt-2.svg")right 0.1em center/9px no-repeat}.mw-parser-output .cs1-ws-icon a{background:url("//upload.wikimedia.org/wikipedia/commons/4/4c/Wikisource-logo.svg")right 0.1em center/12px no-repeat}body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-free a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-limited a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-registration a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-subscription a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .cs1-ws-icon a{background-size:contain;padding:0 1em 0 0}.mw-parser-output .cs1-code{color:inherit;background:inherit;border:none;padding:inherit}.mw-parser-output .cs1-hidden-error{display:none;color:var(--color-error,#d33)}.mw-parser-output .cs1-visible-error{color:var(--color-error,#d33)}.mw-parser-output .cs1-maint{display:none;color:#085;margin-left:0.3em}.mw-parser-output .cs1-kern-left{padding-left:0.2em}.mw-parser-output .cs1-kern-right{padding-right:0.2em}.mw-parser-output .citation .mw-selflink{font-weight:inherit}@media screen{.mw-parser-output .cs1-format{font-size:95%}html.skin-theme-clientpref-night .mw-parser-output .cs1-maint{color:#18911f}}@media screen and (prefers-color-scheme:dark){html.skin-theme-clientpref-os .mw-parser-output .cs1-maint{color:#18911f}}</style><cite id="CITEREFPoserFanto2011" class="citation book cs1">Poser, Norman S.; Fanto, James A. (2011). <a rel="nofollow" class="external text" href="https://books.google.com/books?id=6kqOjOzmMnUC&amp;pg=SA4-PA24"><i>Broker-Dealer Law and Regulation</i></a>. Aspen Publishers. pp.&#160;4–24. <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a>&#160;<a href="/wiki/Special:BookSources/9780735567856" title="Special:BookSources/9780735567856"><bdi>9780735567856</bdi></a>.</cite><span title="ctx_ver=Z39.88-2004&amp;rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&amp;rft.genre=book&amp;rft.btitle=Broker-Dealer+Law+and+Regulation&amp;rft.pages=4-24&amp;rft.pub=Aspen+Publishers&amp;rft.date=2011&amp;rft.isbn=9780735567856&amp;rft.aulast=Poser&amp;rft.aufirst=Norman+S.&amp;rft.au=Fanto%2C+James+A.&amp;rft_id=https%3A%2F%2Fbooks.google.com%2Fbooks%3Fid%3D6kqOjOzmMnUC%26pg%3DSA4-PA24&amp;rfr_id=info%3Asid%2Fen.wikipedia.org%3AMunicipal+Securities+Rulemaking+Board" class="Z3988"></span></span> </li> <li id="cite_note-2"><span class="mw-cite-backlink"><b><a href="#cite_ref-2">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFGrigg2010" class="citation book cs1">Grigg, Neil S. (2010). <a rel="nofollow" class="external text" href="https://books.google.com/books?id=HyPmCj5XGCMC&amp;pg=PA223"><i>Economics and Finance for Engineers and Planners</i></a>. <a href="/wiki/American_Society_of_Civil_Engineers" title="American Society of Civil Engineers">ASCE Publications</a>. p.&#160;233. <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a>&#160;<a href="/wiki/Special:BookSources/9780784472293" title="Special:BookSources/9780784472293"><bdi>9780784472293</bdi></a>.</cite><span title="ctx_ver=Z39.88-2004&amp;rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&amp;rft.genre=book&amp;rft.btitle=Economics+and+Finance+for+Engineers+and+Planners&amp;rft.pages=233&amp;rft.pub=ASCE+Publications&amp;rft.date=2010&amp;rft.isbn=9780784472293&amp;rft.aulast=Grigg&amp;rft.aufirst=Neil+S.&amp;rft_id=https%3A%2F%2Fbooks.google.com%2Fbooks%3Fid%3DHyPmCj5XGCMC%26pg%3DPA223&amp;rfr_id=info%3Asid%2Fen.wikipedia.org%3AMunicipal+Securities+Rulemaking+Board" class="Z3988"></span></span> </li> <li id="cite_note-handbook-3"><span class="mw-cite-backlink">^ <a href="#cite_ref-handbook_3-0"><sup><i><b>a</b></i></sup></a> <a href="#cite_ref-handbook_3-1"><sup><i><b>b</b></i></sup></a></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFFeldsteinFabozzi2011" class="citation book cs1">Feldstein, Sylvan G.; <a href="/wiki/Frank_J._Fabozzi" title="Frank J. Fabozzi">Fabozzi, Frank J.</a> (2011). <a rel="nofollow" class="external text" href="https://books.google.com/books?id=_c6jDRFGpo8C&amp;pg=PT319"><i>The Handbook of Municipal Bonds</i></a>. <a href="/wiki/John_Wiley_%26_Sons" class="mw-redirect" title="John Wiley &amp; Sons">John Wiley &amp; Sons</a>. p.&#160;319. <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a>&#160;<a href="/wiki/Special:BookSources/9781118044940" title="Special:BookSources/9781118044940"><bdi>9781118044940</bdi></a>.</cite><span title="ctx_ver=Z39.88-2004&amp;rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&amp;rft.genre=book&amp;rft.btitle=The+Handbook+of+Municipal+Bonds&amp;rft.pages=319&amp;rft.pub=John+Wiley+%26+Sons&amp;rft.date=2011&amp;rft.isbn=9781118044940&amp;rft.aulast=Feldstein&amp;rft.aufirst=Sylvan+G.&amp;rft.au=Fabozzi%2C+Frank+J.&amp;rft_id=https%3A%2F%2Fbooks.google.com%2Fbooks%3Fid%3D_c6jDRFGpo8C%26pg%3DPT319&amp;rfr_id=info%3Asid%2Fen.wikipedia.org%3AMunicipal+Securities+Rulemaking+Board" class="Z3988"></span></span> </li> <li id="cite_note-creation-4"><span class="mw-cite-backlink"><b><a href="#cite_ref-creation_4-0">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFMunicipal_Securities_Rulemaking_Board" class="citation web cs1">Municipal Securities Rulemaking Board. <a rel="nofollow" class="external text" href="http://www.msrb.org/About-MSRB/About-the-MSRB/Creation-of-the-MSRB.aspx">"Creation of the MSRB"</a><span class="reference-accessdate">. Retrieved <span class="nowrap">30 March</span> 2014</span>.</cite><span title="ctx_ver=Z39.88-2004&amp;rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&amp;rft.genre=unknown&amp;rft.btitle=Creation+of+the+MSRB&amp;rft.au=Municipal+Securities+Rulemaking+Board&amp;rft_id=http%3A%2F%2Fwww.msrb.org%2FAbout-MSRB%2FAbout-the-MSRB%2FCreation-of-the-MSRB.aspx&amp;rfr_id=info%3Asid%2Fen.wikipedia.org%3AMunicipal+Securities+Rulemaking+Board" class="Z3988"></span></span> </li> <li id="cite_note-5"><span class="mw-cite-backlink"><b><a href="#cite_ref-5">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFMunicipal_Securities_Rulemaking_Board" class="citation web cs1">Municipal Securities Rulemaking Board. <a rel="nofollow" class="external text" href="http://www.msrb.org/Municipal-Bond-Market/How-the-Market-is-Regulated/Enforcement-of-MSRB-Rules.aspx">"Enforcement of MSRB Rules"</a><span class="reference-accessdate">. Retrieved <span class="nowrap">28 April</span> 2014</span>.</cite><span title="ctx_ver=Z39.88-2004&amp;rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&amp;rft.genre=unknown&amp;rft.btitle=Enforcement+of+MSRB+Rules&amp;rft.au=Municipal+Securities+Rulemaking+Board&amp;rft_id=http%3A%2F%2Fwww.msrb.org%2FMunicipal-Bond-Market%2FHow-the-Market-is-Regulated%2FEnforcement-of-MSRB-Rules.aspx&amp;rfr_id=info%3Asid%2Fen.wikipedia.org%3AMunicipal+Securities+Rulemaking+Board" class="Z3988"></span></span> </li> </ol></div></div> <div class="mw-heading mw-heading2"><h2 id="External_links">External links</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Municipal_Securities_Rulemaking_Board&amp;action=edit&amp;section=6" title="Edit section: External links"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <ul><li><a rel="nofollow" class="external text" href="http://www.msrb.org/">Municipal Securities Rulemaking Board</a></li> <li><a rel="nofollow" class="external text" href="http://emma.msrb.org/">Electronic Municipal Market Access (EMMA) system</a></li></ul> <div class="navbox-styles"><style data-mw-deduplicate="TemplateStyles:r1129693374">.mw-parser-output .hlist dl,.mw-parser-output .hlist ol,.mw-parser-output .hlist ul{margin:0;padding:0}.mw-parser-output .hlist dd,.mw-parser-output .hlist dt,.mw-parser-output .hlist li{margin:0;display:inline}.mw-parser-output .hlist.inline,.mw-parser-output .hlist.inline dl,.mw-parser-output .hlist.inline ol,.mw-parser-output .hlist.inline ul,.mw-parser-output .hlist dl dl,.mw-parser-output .hlist dl ol,.mw-parser-output .hlist dl ul,.mw-parser-output .hlist ol dl,.mw-parser-output .hlist ol ol,.mw-parser-output .hlist ol ul,.mw-parser-output .hlist ul dl,.mw-parser-output .hlist ul ol,.mw-parser-output .hlist ul ul{display:inline}.mw-parser-output .hlist .mw-empty-li{display:none}.mw-parser-output .hlist dt::after{content:": "}.mw-parser-output .hlist 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class="nowrap"><a href="/wiki/List_of_presidents_of_the_United_States" title="List of presidents of the United States">38th</a> <a href="/wiki/President_of_the_United_States" title="President of the United States">President of the United States</a> (1974–1977)</span></li> <li><span class="nowrap"><a href="/wiki/List_of_vice_presidents_of_the_United_States" title="List of vice presidents of the United States">40th</a> <a href="/wiki/Vice_President_of_the_United_States" title="Vice President of the United States">Vice President of the United States</a> (1973–1974)</span></li> <li><span class="nowrap"><a href="/wiki/List_of_United_States_representatives_from_Michigan" title="List of United States representatives from Michigan">U.S. Representative</a> for <a href="/wiki/Michigan%27s_5th_congressional_district" title="Michigan&#39;s 5th congressional district">MI–5</a> (1949–1973)</span></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/Presidency_of_Gerald_Ford" title="Presidency of Gerald Ford">Presidency</a><br />(<a href="/wiki/Timeline_of_the_Gerald_Ford_presidency" title="Timeline of the Gerald Ford presidency">timeline</a>)</th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Inauguration_of_Gerald_Ford" title="Inauguration of Gerald Ford">Inauguration</a></li> <li><a href="/wiki/Timeline_of_the_presidency_of_Gerald_Ford" class="mw-redirect" title="Timeline of the presidency of Gerald Ford">Timeline</a></li> <li><a href="/wiki/Foreign_policy_of_the_Gerald_Ford_administration" title="Foreign policy of the Gerald Ford administration">Foreign policy</a></li> <li><a href="/wiki/Federal-Aid_Highway_Amendments_of_1974" title="Federal-Aid Highway Amendments of 1974">Federal-Aid Highway Amendments of 1974</a></li> <li><a href="/wiki/Resource_Conservation_and_Recovery_Act" title="Resource Conservation and Recovery Act">Resource Conservation and Recovery Act</a></li> <li><a href="/wiki/Safe_Drinking_Water_Act" title="Safe Drinking Water Act">Safe Drinking Water Act</a></li> <li><a href="/wiki/Toxic_Substances_Control_Act_of_1976" title="Toxic Substances Control Act of 1976">Toxic Substances Control Act of 1976</a></li> <li><a href="/wiki/Equal_Credit_Opportunity_Act" title="Equal Credit Opportunity Act">Equal Credit Opportunity Act</a></li> <li><a href="/wiki/Employee_Retirement_Income_Security_Act_of_1974" title="Employee Retirement Income Security Act of 1974">Employee Retirement Income Security Act of 1974</a></li> <li><a href="/wiki/Home_Mortgage_Disclosure_Act" title="Home Mortgage Disclosure Act">Home Mortgage Disclosure Act</a></li> <li><a href="/wiki/Education_for_All_Handicapped_Children_Act" title="Education for All Handicapped Children Act">Education for All Handicapped Children Act</a></li> <li><a href="/wiki/Vladivostok_Summit_Meeting_on_Arms_Control" title="Vladivostok Summit Meeting on Arms Control">Vladivostok Summit Meeting on Arms Control</a></li> <li><a href="/wiki/Helsinki_Accords#Ford_Administration" title="Helsinki Accords">Helsinki Accords</a></li> <li><a href="/wiki/National_Security_Study_Memorandum_200" title="National Security Study Memorandum 200">National Security Study Memorandum 200</a></li> <li><a href="/wiki/Pardon_of_Richard_Nixon" title="Pardon of Richard Nixon">Nixon pardon</a></li> <li><a href="/wiki/Whip_inflation_now" class="mw-redirect" title="Whip inflation now">Whip inflation now</a></li> <li><a href="/wiki/Cannabis_policy_of_the_Gerald_Ford_administration" title="Cannabis policy of the Gerald Ford administration">Cannabis policy</a></li> <li><a href="/wiki/Wilson_desk" title="Wilson desk">Wilson desk</a></li> <li>Assassination attempts <ul><li><a href="/wiki/Attempted_assassination_of_Gerald_Ford_in_Sacramento" title="Attempted assassination of Gerald Ford in Sacramento">Sacramento</a></li> <li><a href="/wiki/Attempted_assassination_of_Gerald_Ford_in_San_Francisco" title="Attempted assassination of Gerald Ford in San Francisco">San Francisco</a></li></ul></li> <li><a href="/wiki/State_of_the_Union" title="State of the Union">State of the Union Addresses</a> <ul><li><a href="/wiki/1975_State_of_the_Union_Address" title="1975 State of the Union Address">1975</a></li> <li><a href="/wiki/1976_State_of_the_Union_Address" title="1976 State of the Union Address">1976</a></li> <li><a href="/wiki/1977_State_of_the_Union_Address" title="1977 State of the Union Address">1977</a></li></ul></li> <li><a href="/wiki/List_of_federal_judges_appointed_by_Gerald_Ford" title="List of federal judges appointed by Gerald Ford">Judicial appointments</a> <ul><li><a href="/wiki/Gerald_Ford_Supreme_Court_candidates" title="Gerald Ford Supreme Court candidates">Supreme Court candidates</a></li> <li><a href="/wiki/Gerald_Ford_judicial_appointment_controversies" title="Gerald Ford judicial appointment controversies">controversies</a></li></ul></li> <li><a href="https://en.wikisource.org/wiki/Author:Gerald_Rudolph_Ford/Executive_orders" class="extiw" title="wikisource:Author:Gerald Rudolph Ford/Executive orders">Executive Orders</a></li> <li><a href="https://en.wikisource.org/wiki/Author:Gerald_Rudolph_Ford/Presidential_Proclamations" class="extiw" title="wikisource:Author:Gerald Rudolph Ford/Presidential Proclamations">Presidential Proclamations</a></li></ul> </div></td><td class="noviewer navbox-image" rowspan="6" style="width:1px;padding:0 0 0 2px"><div><span class="mw-image-border" typeof="mw:File"><a href="/wiki/File:Gerald_Ford_presidential_portrait_(cropped).jpg" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/commons/thumb/3/36/Gerald_Ford_presidential_portrait_%28cropped%29.jpg/100px-Gerald_Ford_presidential_portrait_%28cropped%29.jpg" decoding="async" width="100" height="125" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/3/36/Gerald_Ford_presidential_portrait_%28cropped%29.jpg/150px-Gerald_Ford_presidential_portrait_%28cropped%29.jpg 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/3/36/Gerald_Ford_presidential_portrait_%28cropped%29.jpg/200px-Gerald_Ford_presidential_portrait_%28cropped%29.jpg 2x" data-file-width="2200" data-file-height="2741" /></a></span><br /><br /><span typeof="mw:File"><a href="/wiki/File:Seal_of_the_President_of_the_United_States.svg" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/commons/thumb/3/36/Seal_of_the_President_of_the_United_States.svg/100px-Seal_of_the_President_of_the_United_States.svg.png" decoding="async" width="100" height="100" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/3/36/Seal_of_the_President_of_the_United_States.svg/150px-Seal_of_the_President_of_the_United_States.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/3/36/Seal_of_the_President_of_the_United_States.svg/200px-Seal_of_the_President_of_the_United_States.svg.png 2x" data-file-width="2424" data-file-height="2425" /></a></span></div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Life</th><td class="navbox-list-with-group navbox-list navbox-even" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Gerald_R._Ford_Birthsite_and_Gardens" title="Gerald R. Ford Birthsite and Gardens">Gerald R. Ford Birthsite and Gardens</a></li> <li><a href="/wiki/President_Gerald_R._Ford_Jr._Boyhood_Home" title="President Gerald R. Ford Jr. Boyhood Home">President Gerald R. Ford Jr. Boyhood Home</a></li> <li><a href="/wiki/Gerald_R._Ford_Jr._House" title="Gerald R. Ford Jr. House">Gerald R. Ford Jr. House</a></li> <li><a href="/wiki/Warren_Commission" title="Warren Commission">Warren Commission</a></li> <li><a href="/wiki/1973_United_States_vice_presidential_confirmation" title="1973 United States vice presidential confirmation">Confirmation as Vice President</a></li> <li><a href="/wiki/AEI_World_Forum" title="AEI World Forum">AEI World Forum</a></li> <li><a href="/wiki/Death_and_state_funeral_of_Gerald_Ford" title="Death and state funeral of Gerald Ford">Death and state funeral</a></li> <li><a href="/wiki/Gerald_R._Ford_Presidential_Museum" title="Gerald R. Ford Presidential Museum">Gerald R. Ford Presidential Museum</a></li> <li><a href="/wiki/Gerald_R._Ford_Presidential_Library" title="Gerald R. Ford Presidential Library">Gerald R. Ford Presidential Library</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/Electoral_history_of_Gerald_Ford" title="Electoral history of Gerald Ford">Elections</a></th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li>United States House of Representatives elections <ul><li><a href="/wiki/1948_United_States_House_of_Representatives_elections" title="1948 United States House of Representatives elections">1948</a></li> <li><a href="/wiki/1950_United_States_House_of_Representatives_elections" title="1950 United States House of Representatives elections">1950</a></li> <li><a href="/wiki/1952_United_States_House_of_Representatives_elections" title="1952 United States House of Representatives elections">1952</a></li> <li><a href="/wiki/1954_United_States_House_of_Representatives_elections" title="1954 United States House of Representatives elections">1954</a></li> <li><a href="/wiki/1956_United_States_House_of_Representatives_elections" title="1956 United States House of Representatives elections">1956</a></li> <li><a href="/wiki/1958_United_States_House_of_Representatives_elections" title="1958 United States House of Representatives elections">1958</a></li> <li><a href="/wiki/1960_United_States_House_of_Representatives_elections" title="1960 United States House of Representatives elections">1960</a></li> <li><a href="/wiki/1962_United_States_House_of_Representatives_elections" title="1962 United States House of Representatives elections">1962</a></li> <li><a href="/wiki/1964_United_States_House_of_Representatives_elections" title="1964 United States House of Representatives elections">1964</a></li> <li><a href="/wiki/1966_United_States_House_of_Representatives_elections" title="1966 United States House of Representatives elections">1966</a></li> <li><a href="/wiki/1968_United_States_House_of_Representatives_elections" title="1968 United States House of Representatives elections">1968</a></li> <li><a href="/wiki/1970_United_States_House_of_Representatives_elections" title="1970 United States House of Representatives elections">1970</a></li> <li><a href="/wiki/1972_United_States_House_of_Representatives_elections" title="1972 United States House of Representatives elections">1972</a></li></ul></li> <li><a href="/wiki/1976_United_States_presidential_election" title="1976 United States presidential election">1976 presidential election</a> <ul><li><a href="/wiki/Presidential_transition_of_Jimmy_Carter" title="Presidential transition of Jimmy Carter">Carter transition</a></li></ul></li> <li>Republican Party presidential primaries <ul><li><a href="/wiki/1976_Republican_Party_presidential_primaries" title="1976 Republican Party presidential primaries">1976</a></li> <li><a href="/wiki/1980_Republican_Party_presidential_primaries" title="1980 Republican Party presidential primaries">1980</a></li></ul></li> <li>1976 Republican National Convention <ul><li><a href="/wiki/1976_Republican_National_Convention" title="1976 Republican National Convention">1976</a></li> <li><a href="/wiki/1980_Republican_National_Convention" title="1980 Republican National Convention">1980</a></li></ul></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Cultural<br />depictions</th><td class="navbox-list-with-group navbox-list navbox-even" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><i><a href="/wiki/The_Pink_Panther_Strikes_Again" title="The Pink Panther Strikes Again">The Pink Panther Strikes Again</a></i> (1976)</li> <li><i><a href="/wiki/Superman_vs._Muhammad_Ali" title="Superman vs. Muhammad Ali">Superman vs. Muhammad Ali</a></i> (1978)</li> <li><i><a href="/wiki/Dynasty_(1981_TV_series)" title="Dynasty (1981 TV series)">Dynasty</a></i> (1981)</li> <li><i><a href="/wiki/The_Betty_Ford_Story" title="The Betty Ford Story">The Betty Ford Story</a></i> (1987)</li> <li><i><a href="/wiki/Assassins_(musical)" title="Assassins (musical)">Assassins</a></i> (1990)</li> <li>"<a href="/wiki/Two_Bad_Neighbors" title="Two Bad Neighbors">Two Bad Neighbors</a>" (1996)</li> <li><i>Saturday Night Live</i> parodies <ul><li><i><a href="/wiki/The_X-Presidents" title="The X-Presidents">The X-Presidents</a></i> (1997)</li> <li><i><a href="/wiki/Presidential_Reunion" title="Presidential Reunion">Presidential Reunion</a></i> (2010)</li></ul></li> <li><i><a href="/wiki/The_Political_Machine" title="The Political Machine">The Political Machine</a></i> (2004)</li> <li><i><a href="/wiki/The_Butler" title="The Butler">The Butler</a></i> (2013)</li> <li><i><a href="/wiki/The_First_Lady_(American_TV_series)" title="The First Lady (American TV series)">The First Lady</a></i> (2022)</li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Legacy</th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Gerald_R._Ford_International_Airport" title="Gerald R. Ford International Airport">Gerald R. Ford International Airport</a></li> <li><a href="/wiki/NCAA_Gerald_R._Ford_Award" title="NCAA Gerald R. Ford Award">Gerald R. Ford Award</a></li> <li><a href="/wiki/Ford_School_of_Public_Policy" title="Ford School of Public Policy">Ford School of Public Policy</a></li> <li><a href="/wiki/Ford_House_Office_Building" title="Ford House Office Building">Ford House Office Building</a></li> <li><a href="/wiki/USS_Gerald_R._Ford" title="USS Gerald R. Ford">USS <i>Gerald R. Ford</i> (CVN-78)</a></li> <li><a href="/wiki/Gerald_R._Ford_Freeway" title="Gerald R. Ford Freeway">Gerald R. Ford Freeway</a></li> <li><a href="/wiki/Presidents_of_the_United_States_on_U.S._postage_stamps#Gerald_Ford" title="Presidents of the United States on U.S. postage stamps">U.S. Postage stamps</a></li> <li><a href="/wiki/Statue_of_Gerald_Ford" title="Statue of Gerald Ford">Statue</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Family</th><td class="navbox-list-with-group navbox-list navbox-even" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Charles_Henry_King" title="Charles Henry King">Charles Henry King</a> (grandfather)</li> <li><a href="/wiki/Leslie_Lynch_King_Sr." title="Leslie Lynch King Sr.">Leslie Lynch King Sr.</a> (father)</li> <li><a href="/wiki/Dorothy_Ayer_Gardner_Ford" title="Dorothy Ayer Gardner Ford">Dorothy Gardner Ford</a> (mother)</li> <li><a href="/wiki/Gerald_Rudolff_Ford" title="Gerald Rudolff Ford">Gerald Rudolff Ford</a> (stepfather)</li> <li><a href="/wiki/Thomas_Gardner_Ford" title="Thomas Gardner Ford">Thomas Gardner Ford</a> (half-brother)</li> <li><a href="/wiki/Betty_Ford" title="Betty Ford">Betty Ford</a> (wife)</li> <li><a href="/wiki/Michael_Gerald_Ford" class="mw-redirect" title="Michael Gerald Ford">Michael Gerald Ford</a> (son)</li> <li><a href="/wiki/John_Gardner_Ford" class="mw-redirect" title="John Gardner Ford">John Gardner Ford</a> (son)</li> <li><a href="/wiki/Steven_Ford" title="Steven Ford">Steven Meigs Ford</a> (son)</li> <li><a href="/wiki/Susan_Ford_Bales" title="Susan Ford Bales">Susan Ford Bales</a> (daughter)</li> <li><a href="/wiki/Liberty_(dog)" title="Liberty (dog)">Liberty</a> (family dog)</li></ul> </div></td></tr><tr><td class="navbox-abovebelow hlist" colspan="3"><div> <ul><li><b><a href="/wiki/Richard_Nixon" title="Richard Nixon">← Richard Nixon</a></b></li> <li><b><a href="/wiki/Jimmy_Carter" title="Jimmy Carter">Jimmy Carter →</a></b></li></ul> <ul><li><a href="/wiki/Spiro_Agnew" title="Spiro Agnew">← Spiro Agnew</a></li> <li><a href="/wiki/Nelson_Rockefeller" title="Nelson Rockefeller">Nelson Rockefeller →</a></li></ul> <ul><li><b><span class="noviewer" typeof="mw:File"><span title="Category"><img alt="" src="//upload.wikimedia.org/wikipedia/en/thumb/9/96/Symbol_category_class.svg/16px-Symbol_category_class.svg.png" decoding="async" width="16" height="16" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/en/thumb/9/96/Symbol_category_class.svg/23px-Symbol_category_class.svg.png 1.5x, //upload.wikimedia.org/wikipedia/en/thumb/9/96/Symbol_category_class.svg/31px-Symbol_category_class.svg.png 2x" data-file-width="180" data-file-height="185" /></span></span> <a href="/wiki/Category:Gerald_Ford" title="Category:Gerald Ford">Category</a></b></li></ul> </div></td></tr></tbody></table></div> <div class="navbox-styles"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236075235"></div><div role="navigation" class="navbox authority-control" aria-labelledby="Authority_control_databases_frameless&amp;#124;text-top&amp;#124;10px&amp;#124;alt=Edit_this_at_Wikidata&amp;#124;link=https&amp;#58;//www.wikidata.org/wiki/Q6936275#identifiers&amp;#124;class=noprint&amp;#124;Edit_this_at_Wikidata" style="padding:3px"><table class="nowraplinks hlist mw-collapsible autocollapse navbox-inner" style="border-spacing:0;background:transparent;color:inherit"><tbody><tr><th scope="col" class="navbox-title" colspan="2"><div id="Authority_control_databases_frameless&amp;#124;text-top&amp;#124;10px&amp;#124;alt=Edit_this_at_Wikidata&amp;#124;link=https&amp;#58;//www.wikidata.org/wiki/Q6936275#identifiers&amp;#124;class=noprint&amp;#124;Edit_this_at_Wikidata" style="font-size:114%;margin:0 4em"><a href="/wiki/Help:Authority_control" title="Help:Authority control">Authority control databases</a> <span class="mw-valign-text-top noprint" typeof="mw:File/Frameless"><a href="https://www.wikidata.org/wiki/Q6936275#identifiers" title="Edit this at Wikidata"><img alt="Edit this at Wikidata" src="//upload.wikimedia.org/wikipedia/en/thumb/8/8a/OOjs_UI_icon_edit-ltr-progressive.svg/10px-OOjs_UI_icon_edit-ltr-progressive.svg.png" decoding="async" width="10" height="10" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/en/thumb/8/8a/OOjs_UI_icon_edit-ltr-progressive.svg/15px-OOjs_UI_icon_edit-ltr-progressive.svg.png 1.5x, //upload.wikimedia.org/wikipedia/en/thumb/8/8a/OOjs_UI_icon_edit-ltr-progressive.svg/20px-OOjs_UI_icon_edit-ltr-progressive.svg.png 2x" data-file-width="20" data-file-height="20" /></a></span></div></th></tr><tr><th scope="row" class="navbox-group" style="width:1%">International</th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"><ul><li><span class="uid"><a rel="nofollow" class="external text" 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