February 15, 2011
This ruling would severely limit participation in local government. Potential candidates for local government boards would feel unqualified to act in the capacity of financial advisors and to require that they be classified as such is onerous and burdensome. The work of a financial advisor to the municpal markets is complex and requires a level of expertise that is unique to that field. I urge the SEC to reconsider this ruling and to work more closely in guiding the municipal markets as opposed to expanding their authority over local government boards.