MSRB Seats New Board of Directors Members for Fiscal Year 2012

Date: October 1, 2011

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

Alan D. Polsky Begins One-Year Term as Chair

Alexandria, VA - The Municipal Securities Rulemaking Board (MSRB) today seated new members and officers for Fiscal Year 2012, with Alan D. Polsky, Senior Vice President at Dougherty & Co. LLC, as Chair and Robert A. Lamb, President of Lamont Financial Services Corp., as Vice Chair. Officer terms are for one year.

“I’m looking forward to another successful year for the MSRB and am excited to lead the organization as Chair,” said MSRB Chair Polsky. “We will work hard to keep market participants apprised of our activities and new initiatives throughout the year.”

The MSRB’s Board of Directors consists of a majority of public members as well as members that represent regulated entities—including municipal advisors, broker-dealers and banks. The new public representatives on the MSRB Board are Dall Forsythe, Vice President of Finance and Operations at Atlantic Philanthropies, and Peter J. Taylor, Executive Vice President and Chief Financial Officer of the University of California system. Joining the Board as bank representatives are Joseph J. Geraci, Managing Director and Co-Head of Capital Markets at Citi and Daniel Heimowitz, Managing Director at RBC Capital Markets. The Board’s new securities firm representative is Edward J. De La Rosa, President of De La Rosa & Co. Each new Board member will serve a three-year term.

“The MSRB is looking forward to another busy and successful year under the leadership of Alan and Bob,” said MSRB Executive Director Lynnette Kelly Hotchkiss. “We are also excited to welcome our new board members and their unique perspectives on the most effective way for the MSRB to continue to promote a fair and efficient municipal market.”

The MSRB’s Board of Directors will continue the implementation of its Dodd-Frank mandate, along with focusing on other initiatives aimed at protecting investors and municipal entities.

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.