1. Short title This Act may be cited as the Municipal Securities Rulemaking Board Reform Act of 2019 . 2. The Municipal Securities Rulemaking Board (a) In general Section 15B of the Securities Exchange Act of 1934 ( 15 U.S.C. 78o–4 ) is amended— (1) by striking subsection (b) and inserting the following: (b) Municipal Securities Rulemaking Board (1) Membership (A) Definitions For the purposes of this paragraph, a person is associated with— (i) a municipal securities broker if that person is— (I) a partner, officer, director, or branch manager of a municipal securities broker; (II) a person occupying a similar status as, or performing similar functions as, a person described in subclause (I); (III) any other employee of a municipal securities broker who is engaged in the management, direction, supervision, or performance of any activities relating to the business of effecting transactions in municipal securities for the account of others; or (IV) a person directly or indirectly controlling, controlled by, or under common control with a municipal securities broker; (ii) a municipal securities dealer if the person is a person associated with a municipal securities dealer; and (iii) a municipal advisor if the person is a person associated with a municipal advisor. (B) Composition of Board (i) In general The Municipal Securities Rulemaking Board (referred to in this section as the Board ) shall be composed of 15 members, or such other number of members as specified by the Commission under clause (ii), who shall be— (I) appointed from among prominent individuals of integrity and reputation