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

MSRB ASSUMES EXPANDED MANDATE AND ESTABLISHES
PUBLIC MAJORITY BOARD OF DIRECTORS

Alexandria, VA – The Municipal Securities Rulemaking Board (MSRB) today begins its expanded regulatory authority over key municipal market participants and, in conjunction with this broader mandate, has established a majority-public governing board of directors with new members for the fiscal year that begins today.

Consistent with the provisions of the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act), the MSRB’s mission now includes the protection of state and local government entities and others whose credit stands behind municipal bonds. The MSRB oversees municipal advisors that provide advice to these entities on a range of municipal securities or investment-related matters and that solicit certain business from these entities on behalf of others. This oversight is in addition to the MSRB’s existing regulation of banks and securities firms that engage in municipal securities business.

Also effective today, the MSRB is governed by a board of directors consisting of a majority of independent public members. The new board of directors includes representatives of investors and state and local government entities, as well as representatives of entities regulated by the MSRB, which include banks, broker-dealers and municipal advisors.

Eleven new MSRB members—eight representing the public and three representing municipal advisors—today join the three existing public members and seven existing broker-dealer and bank members of the MSRB board of directors.

Selected from a candidate pool of nearly 150 people, the new MSRB members were nominated by the MSRB’s Nominating Committee, with the unanimous ratification of all nominees by the public members of the Committee. The MSRB has made publicly available a list of Nominating Committee members as well as a list of MSRB candidates considered by the Committee.

Members of the Municipal Securities Rulemaking Board, Fiscal Year 2011

Public Representatives

Milroy A. Alexander*
Former CEO, Colorado Housing and Finance Authority

Sheryl D. Bailey*
Deputy County Administrator for Management Services
Chesterfield County, Virginia

Robert A. Fippinger*
Senior Counsel, Orrick, Herrington & Sutcliffe

Jay M. Goldstone*
Chief Operating Officer, City of San Diego

Frank Thomas Howard
Executive Director, Office of Financial Management
Finance and Administration Cabinet
Commonwealth of Kentucky

Robert B. Jackman*
Founder and Trustee, The Brooke Jackman Foundation, Inc.

David J. Madigan*
Chief Investment Officer, Breckinridge Capitol Advisors

Kathleen A. McDonough
Former Senior Managing Director, Ambac Financial Group

Mark G. Muller
Senior Vice President, Municipal Portfolio Manager, Loews Corporation

Benjamin S. Thompson*
Founding Principal, Samson Capitol Advisors

C. Christopher Trower*
Owner, electriclaw.com

Bank Representatives

Michael G. Bartolotta
Vice Chairman, First Southwest Co.

Martin H. Vogtsberger
Managing Director, Head of Institutional Brokerage
Fifth Third Securities, Inc.

Kevin L. Willens
Managing Director, Goldman, Sachs & Co.

Municipal Advisor Representatives

Adela Cepeda*
President, A.C. Advisory, Inc.

Robert A. Lamb*
President, Lamont Financial Services Corp.

Noreen P. White*
Co-President, Acacia Financial Group

Securities Firm Representatives

Stanley E. Grayson
Vice Chairman and Chief Operating Officer, M.R. Beal & Company

Stephen E. Heaney
Managing Director and Head of Public Finance, Stone & Youngberg LLC

Alan D. Polsky
Senior Vice President, Dougherty & Co. LLC

John W. Young II
Managing Director, Samuel A. Ramirez & Co. Inc.

*Denotes new member

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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