Hillary Phelps is a partner in Chapman's National Public and Health & Education Finance Department. Her practice focuses on serving as disclosure counsel, underwriter’s counsel, bond counsel, bank counsel, and borrower’s counsel in a wide variety of tax-exempt and taxable financings. She also advises clients with respect to various municipal securities issues, including post-issuance compliance and related regulatory issues.

Hillary’s career started at Chapman. Prior to rejoining the firm, she served from 2015 to 2019 as senior counsel in the Office of Municipal Securities at the U.S. Securities and Exchange Commission (SEC), which is responsible for administering SEC rules on the practices of broker-dealers, municipal advisors, investors, and issuers in the municipal securities area, focusing on rulemaking, legislation, and policy formulation. While at the SEC, Hillary was instrumental in advancing a number of SEC municipal disclosure initiatives, including proposing and finalizing amendments to Rule 15c2-12 and coordinating the inaugural SEC conference on municipal disclosure.


  • Panelist, “Electronic Disclosure,” National Association of Bond Lawyers Tax and Securities Law Institute, March 3-5, 2021
  • Presenter, "SEC Enforcement and the Importance of Disclosure," Illinois Association of School Business Officials Debt A-Z Academy, November 22, 2019
  • Presenter, "Municipal Market Discussion," NextGen MuniFinance NYC, October 22, 2019
  • Panelist, "Rising Stars Tell It All: How the Next Generation Will Shape the Municipal Disclosure and Business Environment," The Bond Buyer's California Public Finance Conference, September 23 – 25, 2019


Loyola University Chicago School of Law, J.D., cum laude, 2009

Colgate University, B.A., Political Science and Economics, cum laude, 2003




Municipal Securities Rulemaking Board's Market Transparency Advisory Group

National Association of Bond Lawyers

Jump to Page