MSRB Seats New Members for Fiscal Year 2010

Date: October 1, 2009

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

Peter T. Clarke Begins One-Year Term as Chair

Alexandria, VA - The Municipal Securities Rulemaking Board (MSRB) today seated members and officers for Fiscal Year 2010, with Peter T. Clarke, Managing Director of J.P. Morgan Securities Inc., as Chair and Alan Murphy, Senior Vice President at Duncan-Williams Inc., as Vice Chair.  Officer terms are for one year.

"I look forward to working with the MSRB and new Board members as Chair, following a  successful and active year for the organization," said MSRB Chair Clarke.  "There's a wealth of industry knowledge and experience on the Board this year and we look forward to addressing some of the continuing challenges facing the industry and the MSRB."

The MSRB's five new members represent securities firms, banks and an investor active in the municipal securities market.  They are Michael G. Bartolotta, Vice Chairman, First Southwest Co.; Stephen E. Heaney, Managing Director and Head of Public Finance, Stone & Youngberg LLC; Mark G. Muller, Senior Vice President, Municipal Portfolio Manager, Loews Corp.; Alan D. Polsky, Senior Vice President, Dougherty & Co. LLC; and Kevin L. Willens, Managing Director, Goldman, Sachs & Co.  The new members will each serve a three-year term.

"The perspectives of the MSRB's new Chair and Board members will reinforce our ability to protect investors and promote a fair and efficient municipal market," said MSRB Executive Director Lynnette Kelly Hotchkiss.  "We are pleased that we will have the benefit of their expertise, which is critical to advancing our mission."

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.