MSRB Saddened by Loss of Board Member Gene Saffold

Date: October 10, 2012

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


Alexandria, VA – The Board of Directors of the Municipal Securities Rulemaking Board (MSRB) expressed its sorrow today over the loss of one of its members, Gene R. Saffold, 57, who passed away October 8, 2012, following heart surgery. Mr. Saffold had just begun serving as a public member on the MSRB Board of Directors on October 1, 2012.

“Gene forged a distinguished career in public finance,” said MSRB Chair Jay Goldstone. “We are saddened by the loss of a friend and professional committed to the municipal market. We extend our deepest sympathies to his family.”

Mr. Saffold worked as an independent consultant on financial, strategic and operational matters. Prior to consulting, Mr. Saffold served as chief financial officer of the City of Chicago and previously was vice chairman - national accounts at J.P. Morgan Chase & Co., Inc. He also worked for Salomon Smith Barney, Inc. as managing director in the company's Midwest public finance group.

Mr. Saffold was a member of the Economic Club of Chicago and a board member of the Erikson Institute and the Chicago Low-Income Housing Trust Fund. 

Mr. Saffold is survived by his wife, Carol, and three children, Jessica, Christine and Nathan.

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.