Reuters: Regulatory News: SEC names Treasury official as head of municipal bond office

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SEC names Treasury official as head of municipal bond office Aug 2nd 2012, 19:47 Thu Aug 2, 2012 3:47pm EDT Aug 2 (Reuters) - The Securities and Exchange Commission named U.S. Treasury official John Cross III as head of its Office of Municipal Securities on Thursday, bringing in the former bond attorney to head a department more prominent since the Dodd-Frank financial reform law. The news comes just days after the SEC released a 150-page report, two years in the making, that advocated extending the commission's regulatory reach and beefing up disclosure and price transparency in the $3.7 trillion municipal bond market. The office, once part of the SEC's trading division, has gone without a director for a year. Dodd-Frank called for it to be a stand-alone office reporting directly to the commission's chairman and administering rules regarding advisers, issuers, broker-dealers and investors and coordinating with the Municipal Securities Rulemaking Board. In a statement, Cross said he would work to advance initiatives included in the report and to "promote sound disclosure, sensible practices, and enhanced price transparency." He will take on the new role next month. Cross has been a prominent figure in the municipal bond market, frequently speaking to the commission, which enforces the rules the self-regulatory MSRB writes, and groups such as the National Association of Bond Lawyers. Through his position as Associate Tax Legislative Counsel in the Office of Tax Policy at Treasury, which he has held since 2006, he shepherded municipal bond policy through the 2008 financial crisis and helped administer programs in the 2009 federal stimulus plan, namely the now-expired Build America Bonds program. He has also worked at the bond law firm Hawkins Delafield & Wood LLP and the Internal Revenue Service. Link this Share this Digg this Email Reprints

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