MSRB Announces Members of Board Advisory Groups

Date: October 30, 2018

Contact: Jennifer A. Galloway, Chief Communications Officer
               202-838-1500
               jgalloway@msrb.org

MSRB ANNOUNCES MEMBERS OF BOARD ADVISORY GROUPS

Washington, DC – The Municipal Securities Rulemaking Board (MSRB) today announced the members of its new and continuing advisory groups that will advise the MSRB Board of Directors during the current fiscal year. The MSRB previously announced the addition of advisory groups focused on retail investors and municipal fund securities, and the second year of a regulatory compliance-focused advisory group, to provide the Board with focused, expert input on MSRB initiatives and to enhance stakeholder engagement.

“The MSRB is grateful for the commitment advisory group members are making to help enhance oversight of the municipal securities market,” said Gary Hall, Chair of the MSRB Board of Directors. “We value their perspective, and look forward to benefiting from their expertise in real-time.”  

Twenty-nine market professionals representing diverse market perspectives and organizations are serving on the MSRB’s Compliance Advisory Group, Retail Investor Advisory Group and Municipal Fund Securities Advisory Group. The groups will meet periodically with Board member liaisons throughout fiscal year 2019 to facilitate Board-member access to additional market knowledge from a variety of professionals and other experts.

The Compliance Advisory Group will provide input to the Board to inform the MSRB’s long-term strategic goal to facilitate industry understanding of and compliance with MSRB rules. The Retail Investor Advisory Group will provide input to the Board on rules, market practices, transparency and education related to retail investor protection issues. The Municipal Fund Securities Advisory Group will provide input to the Board on municipal market rules, practices, transparency and education related to municipal fund securities, including 529 savings plans and ABLE programs. Advisory group members for the current fiscal year are listed below.

Compliance Advisory Group

  • Kathy Aho, President, Springsted Incorporated
  • Jonas Biery, Business Services Manager, Bureau of Environmental Services, City of Portland
  • Mark Borrelli, General Counsel, Hutchinson, Shockey, Erley & Co.
  • Joey Frebes, Senior Vice President, KeyBanc Capital Markets
  • George Hinchcliff, Director, FIC Compliance Advisory, RBC Capital Markets
  • Phil Jerome, Managing Director, Compliance, Charles Schwab & Co., Inc.
  • Ben Juergens, Executive Director, Morgan Stanley
  • Leo Karwejna, Managing Director and Chief Compliance Officer, PFM Financial Advisors
  • Jessica LeBlanc, Senior Compliance Manager, Edward Jones
  • Kathy Weatherholt, Vice President, Compliance, George K. Baum & Company
  • Mark Young, Managing Director, KNN Public Finance, LLC

Retail Investor Advisory Group

  • Jack Blumenthal
  • Matthew Boardman, Managing Director and Head, US Wealth Management Fixed Income, RBC Wealth Management
  • Joseph Brady, Executive Director, North American Securities Administrators Association
  • Chris Kendall, Vice President, Fixed Income Trading, Charles Schwab & Co., Inc.
  • Wesley Ringo, Senior Advisor, Legal and Regulatory, Capital Forensics, Inc.
  • Anne Ross, Muni Credit & Compliance Advisors LLC
  • Joseph Spivack, Angel Investor, Spivack & Company
  • Stephen Winterstein, Managing Director of Research and Head of Municipal Strategy, Wilmington Trust Investment Advisors, Inc.

Municipal Fund Securities Advisory Group

  • Mary Anne Busse, Managing Director, Great Disclosure LLC
  • James Canup, Partner, Hirschler Fleischer
  • Paul Curley, Director of College Savings Research, Strategic Insight
  • Andrea Feirstein, Managing Director, AKF Consulting Group
  • Nathan Groff, Owner and Senior Executive Officer, Intuition LLC
  • John Heywood
  • Mary Lehman, Senior Director, Tuition Financing, 529 College Savings Program Manager, TIAA
  • Sandy Madden, General Counsel, Ascensus Government Savings
  • Christopher T. McGee, General Counsel, Virginia 529 | ABLEnow
  • Jennifer Selliers, Director of Internal Compliance, State of Tennessee Department of Treasury


The MSRB protects investors, state and local governments and other municipal entities, and the public interest by promoting a fair and efficient municipal securities market. The MSRB fulfills this mission by regulating the municipal securities firms, banks and municipal advisors that engage in municipal securities and advisory activities. To further protect market participants, the MSRB provides market transparency through its Electronic Municipal Market Access (EMMA®) website, the official repository for information on all municipal bonds. The MSRB also serves as an objective resource on the municipal market, conducts extensive education and outreach to market stakeholders, and provides market leadership on key issues. The MSRB is a Congressionally-chartered, self-regulatory organization governed by a 21-member board of directors that has a majority of public members, in addition to representatives of regulated entities. The MSRB is subject to oversight by the Securities and Exchange Commission.