MSRB NOTICE 2001-32 (SEPTEMBER 10, 2001)

BOARD ELECTS OFFICERS

The Municipal Securities Rulemaking Board is pleased to announce the election of its Chairman and Vice Chairman for its 2002 fiscal year.  Mr. Howard D. Marsh will serve as Chairman and Mr. James P. Fitzgerald as Vice Chairman.  They will begin their terms on October 1, 2001.

Mr. Marsh replaces Daniel L. Keating as Chairman.  Mr. Keating is a Senior Managing Director for Bear, Stearns & Co. Inc. in New York.  Mr. Fitzgerald replaces Thomas E. Stanberry.  Mr. Stanberry is a Managing Director and a senior investment banker in the Fixed Income Division of U.S. Bancorp Piper Jaffray.

Howard D. Marsh is Managing Director, Manager, Municipal Securities Division, for Salomon Smith Barney.  He joined Smith Barney in 1973.  His responsibilities encompass municipal capital markets and the public finance division.  Mr. Marsh sits on the Salomon Smith Barney Management Committee, is a former member of the Bond Market Association Board of Directors and is a member of the Municipal Forum and Bond Club of New York.  He graduated from Yale University with a degree in Biochemical Engineering.

James P. Fitzgerald is Managing Director in the Municipal Fixed Income Division of Legg Mason Wood Walker, Incorporated.  In 1993, he established his firm, Fitzgerald, Davis & Associates, L.P., which was acquired by Banc One Capital Corp.  Mr. Fitzgerald held senior positions with Kemper Securities, Inc., Blunt Ellis & Loewi, and PaineWebber.  He served as Chairman of the NASD District 8 Business Conduct Committee and he served on the NASD National Fixed Income Committee.  He received his B.A. from Xavier University.

September 10, 2001

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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.