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

MSRB ELECTS NEW PUBLIC BOARD MEMBER 

Alexandria, VA – The Municipal Securities Rulemaking Board (MSRB) today announced that Kathleen A. McDonough has joined the MSRB Board of Directors. Ms. McDonough is a retired executive from Ambac Financial Group with nearly 30 years of experience in public finance and securities law.

Ms. McDonough previously served on the MSRB Board of Directors from 2008 – 2011 and was selected by the Board to finish the term of John E. Petersen. Dr. Petersen passed away on April 4, 2012.

The MSRB Board of Directors is composed of members representing both the public and regulated entities, including broker-dealers, bank dealers and municipal advisors. Ms McDonough rejoins the Board as one of 11 independent, public members represented on the MSRB’s 21-member Board.

Before her senior management role at Ambac, Ms. McDonough was the company's General Counsel for Public Finance and also served as Assistant General Counsel. Earlier experience included practicing securities and municipal finance law, and serving as an enforcement investigator with the New York Stock Exchange.

Ms. McDonough is a past appointed member of the California Debt and Investment Advisory Commission Technical Committee, a Board member of the United Way of Westchester and Putnam, a recipient of Irish America magazine’s Wall Street Top 50 award and a founding member of Women in California Public Finance.

Ms. McDonough received a bachelor’s degree in accounting from Fordham University and a law degree from Fordham University Law School.

Ms. McDonough’s term with the MSRB ends September 30, 2012.

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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