Participants in the municipal securities market should take particular interest in the appointment of Elisse B. Walter as chair of the SEC. Her close association with regulation of the municipal securities market makes it likely that actions directed at the market will be a high priority for the agency.


Ms. Walter was installed as chair on December 14, 2012, pursuant to presidential appointment. She has been a commissioner since 2008 and most notably led the two-year examination of the municipal securities market that resulted in the July 31, 2012 publication of a comprehensive “Report on the Municipal Securities Market” (Report).

The SEC’s examination of the municipal securities market was mandated by the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act). The Report focused on two primary areas of concern: disclosure practices and overall market structure. The Report also included recommendations for best practices and other initiatives to improve the security and stability of the municipal securities market.