MSRB Elects New Public Board Member

Date: April 19, 2012

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


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 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.