American Bar Association

Following the 2008 financial crisis, concerns arose surrounding the lack of regulation of the municipal securities market. Specifically, the Senate questioned this deficiency in stating that “[t]he $3 trillion municipal securities market is subject to less supervision than corporate securities markets.” See S. Rep. No. 111-176, at 38 (2010). In response to these concerns among many others, Congress enacted the Dodd-Frank Wall Street Reform and Consumer Protection Act to promote financial stability and transparency in the United States, and Congress included section 975 of the Dodd-Frank Act to address this lack of regulation in the municipal securities market. Section 975 specifically provides oversight of the municipal securities market by creating a new class of regulated persons: “municipal advisors.”

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