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Contacts:         Lynnette Kelly Hotchkiss, Executive Director
                      (703) 797-6600
                      lhotchkiss@msrb.org

                      Jennifer A. Galloway, Chief Communications Officer
                      (703) 797-6600
                      jgalloway@msrb.org


THE MUNICIPAL SECURITIES RULEMAKING BOARD
Appoints John W. Young, II to the Board

Alexandria, VA - The Municipal Securities Rulemaking Board today announced that John W. Young, II, Managing Director of Municipal Underwriting and Public Finance Marketing at Samuel A. Ramirez & Co. Inc. in New York, has joined the Board as a securities firm representative.  The appointment of Mr. Young comes following the resignation of Michael Bartolotta, who stepped down from the Board after his firm was purchased by a bank.

"John has a wealth of experience that he will immediately bring to bear on the considerable work facing the Board this year," said MSRB Chair Ronald A. Stack.  "We are most pleased to have his perspective and input over the next three years."

Before joining Samuel A. Ramirez & Co., Mr. Young was a Senior Managing Director at Bear Stearns & Co., where he had worked since 1991, and was previously employed at Citibank in municipal finance.  He graduated from Hamilton College in Clinton, NY.

MSRB rules require that its 15 members are divided evenly among representatives of securities firms, banks and the public. It is not unusual for mergers or acquisitions of financial firms to affect the status of a Board member and for a replacement to be named.

Mr. Young will fulfill a three-year term on the Board that ends September 30, 2011. 

The Municipal Securities Rulemaking Board (MSRB) protects and strengthens the municipal bond market, enabling access to capital, economic growth, and societal progress in tens of thousands of communities across the country. MSRB fulfills this mission by creating trust in our market through informed regulation of dealers and municipal advisors that protects investors, issuers and the public interest; building technology systems that power our market and provide transparency for issuers, institutions, and the investing public; and serving as the steward of market data that empowers better decisions and fuels innovation for the future. MSRB is a self-regulatory organization governed by a board of directors that has a majority of public members, in addition to representatives of regulated entities. MSRB is overseen by the Securities and Exchange Commission and Congress.

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