MSRB Seats New Board of Directors Members for Fiscal Year 2013

Date: October 1, 2012

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


Alexandria, VA - The Municipal Securities Rulemaking Board (MSRB) today seated seven new members of its Board of Directors and installed new officers for the fiscal year that begins October 1, 2012.

The 21-member Board, which establishes regulatory policies and oversees the operations of the MSRB, has eleven members that represent the public and ten that represent entities regulated by the MSRB, including broker-dealers, banks and municipal advisors. In order to provide consistency of policy, seven individuals join the Board each year and seven others complete their three-year terms. The MSRB is a Congressionally-chartered organization whose mission is to protect investors and state and local governments in the municipal securities market.

Current Board member Jay M. Goldstone, Chief Operating Officer of the City of San Diego, will serve as Chair for fiscal year 2013 and Stephen E. Heaney, Managing Director for Stone & Youngberg, a division of Stifel Nicolaus, and a current Board member, will serve as Vice Chair.

New public representatives on the MSRB Board of Directors are Richard K. Ellis, Treasurer for the State of Utah; W. Bartley Hildreth, Professor of Public Management and Policy at Georgia State University; Gene R. Saffold, independent consultant; and Robin L. Wiessmann, former Treasurer of the Commonwealth of Pennsylvania.

Joining the Board as bank representatives are Kym S. Arnone, Managing Director and Head of Municipal Securitization Initiatives at Barclays, and Craig A. Noble, Managing Director and Head of the Retail Fixed Income Group for Wells Fargo Advisors. Marianne F. Edmonds, Senior Managing Director for Public Resources Advisory Group joins the Board as a municipal advisor representative.

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.