September 7, 2010
SEC Announces Field Hearings on Municipal Bond Market
The SEC announced today that it is launching a series of field hearings to examine the municipal securities markets, starting in San Francisco on September 21. Topics will include disclosure and transparency, credit ratings, and internal controls. Among participants will be California State Treasurer Bill Lockyer, Washington State Treasurer James McIntire, and Stanley Keller, Independent Consultant and Monitor of the City of San Diego. A panel of investors, both individuals and institutions, will also share their experiences in this market.
The series of hearings, which Chairman Schapiro first announced in May, will take place across the country and address a wide range of issues that focus on the needs of investors in this market. Commissioner Elisse B. Walter will lead the hearings along with fellow Commissioners and staff from multiple offices across the agency. Other hearings will be conducted in Chicago, Ill., Washington, D.C., Tallahassee, Fla., and Austin, Texas
At the conclusion of all hearings, the Commission will release a staff report containing information learned as well as making recommendations for regulatory changes and industry "best practices," as well as legislative changes, if any.
The SEC invites members of the public and other interested parties to submit comments related to field hearing topics.
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