MSRB Announces Board Member Service Term Changes to Establish a Permanent 21-Member Board

Date: October 17, 2011

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


Alexandria, VA – The Municipal Securities Rulemaking Board (MSRB) today announced changes to the length of service of members of its Board of Directors to establish groups of members whose terms expire in sequential years.

The changes are intended to preserve the Board’s diverse representation and are consistent with the MSRB’s transition to a permanent 21-member Board as recently approved by the Securities and Exchange Commission. With the term changes, the Board will consist of three groups of seven Board members.

The following Board members will serve on the Board through September 30, 2013: Sheryl Bailey, Jay Goldstone, Steve Heaney, Robert Lamb, David Madigan, Alan Polsky and Ben Thompson. Board members Robert Fippinger and Noreen White will serve on the Board through September 30, 2014.

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 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 overseen by the Securities and Exchange Commission and Congress.