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

MSRB PROPOSES PERMANENT 21-MEMBER BOARD OF DIRECTORS

Alexandria, VA – The Municipal Securities Rulemaking Board (MSRB) today proposed to establish a permanent 21-member, public-majority Board of Directors.

Following the passage of the Dodd-Frank Wall Street Reform and Consumer Protection Act, the MSRB increased, on a transitional basis, the size of its Board of Directors from 15 to 21 members. The MSRB also provided for municipal advisor representation on the Board, as a result of its new rulemaking authority over municipal advisors, and modified the Board’s composition to include a majority of independent public members. The MSRB is now proposing to make this transitional Board structure permanent. Under the proposal, the 21 Board members would serve staggered, three-year terms.

“The MSRB’s Board of Directors has been very effective in carrying out its mission and representing the diversity of the municipal market,” said MSRB Executive Director Lynnette Kelly Hotchkiss. “Our rulemaking initiatives have benefited from the numerous perspectives represented on the Board.”

The MSRB Board of Directors includes representatives of investors and municipal entities, as well as representatives of the organizations regulated by the MSRB, which include bank dealers, broker-dealers and municipal advisors.

Comments on the proposal should be submitted to the Securities and Exchange Commission.

The Municipal Securities Rulemaking Board (MSRB) was established by Congress in 1975 with the mission to protect investors, issuers and the public interest and to promote efficiency, competition and capital formation. MSRB is a private, self-regulatory organization governed by an independent board of directors with market knowledge and expertise. MSRB does not receive federal appropriations and is funded primarily through fees paid by regulated entities. MSRB is overseen by Congress and the Securities and Exchange Commission.

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