MSRB NOTICE 2000-27 (SEPTEMBER 15, 2000)

BOARD ELECTS OFFICERS

The Municipal Securities Rulemaking Board is pleased to announce the election of its Chairman and Vice Chairman for its 2001 fiscal year.  Mr. Daniel L. Keating will serve as Chairman and Mr. Thomas E. Stanberry as Vice Chairman.  They will begin their terms on October 1, 2000.

Mr. Keating replaces Robert A. Estrada as Chairman.  Mr. Estrada is Chairman and CEO of Estrada Hinojosa & Company, Inc., in Dallas.  Mr. Stanberry replaces Thomas J. Kenny who served as Vice Chair until his resignation in November 1999. 

Daniel L. Keating is a Senior Managing Director for Bear, Stearns & Co. Inc., and has held this position since 1985, the year the firm succeeded from a partnership to a publicly traded corporation.  His responsibilities include managing the Municipal Trading, Sales, Underwriting and Public Finance departments, as well as being co-head of the Municipal Derivatives Group.  He joined Bear Stearns in 1975 as a municipal institutional salesman and in 1983 was promoted to General Partner.  Mr. Keating is a member of the Board of Directors of the firm’s broker/dealer subsidiary as well as a past Chairman of the firm’s President’s Advisory Committee.  He is a graduate of St. Peter’s College in New Jersey.

Thomas E. Stanberry is a Managing Director and a senior investment banker in the Fixed Income Division of U.S. Bancorp Piper Jaffray.  He is also a member of the U.S. Bancorp Piper Jaffray Board of Directors.  He joined Piper Jaffray in 1989 in its Public Finance department.  Prior to joining Piper he was a practicing bond attorney for 10 years in Des Moines, Iowa.  Mr. Stanberry received his B.A. from Wabash College and J.D. from Drake University Law School. 

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The Board consists of 15 members -- five representatives of bank dealers, five representatives of securities firms, and five public members not associated with any bank dealer or securities firm.  At least one public member must be a representative of issuers and one of investors to ensure that all perspectives of the municipal securities market are represented.

September 15, 2000