Municipal Securities Director John Cross to Leave SEC Next MonthBrian Chappatta
John Cross, the first official to oversee municipal-bond regulation for the U.S. Securities and Exchange Commission, will leave the position next month to join the Treasury Department.
Cross, 58, will join that agency’s office of tax policy, the SEC said in a statement today. Since September 2012 he watched over the $3.7 trillion market, including decisions by the Municipal Securities Rulemaking Board, the industry group that creates regulations for market participants. His position was established under the 2010 Dodd-Frank Act.
“John’s efforts to promote investor protection and structural integrity in the municipal securities market and his contributions to building a top-notch office will help us continue to carry out our mission in this important area,” SEC Chair Mary Jo White said in the statement, which didn’t name a successor.
Cross previously worked in the Treasury Department’s tax policy office from 2006 to 2012 as associate legislative counsel. From 1994 to 2006, he was a partner at law firm Hawkins Delafield & Wood LLP.
Under Cross’s watch, a municipal issuer for the first time was fined for misleading investors, in a sign the SEC was intensifying efforts to crack down on state and local governments for not giving investors accurate information about their financial condition prior to bond sales.