PRESS RELEASE

Release Date:    August 3, 2007

Contact:             Lynnette Kelly Hotchkiss, Executive Director
                          (703) 797-6600
                          lhotchkiss@msrb.org

Board Elects Officers
Alexandria, VA – The Municipal Securities Rulemaking Board is pleased to announce the election of its Chairman and Vice Chairman for its 2008 fiscal year. Mr. Chin will serve as Chairman and Mr. O’Brien as Vice Chairman. They will begin their terms on October 1, 2007.

Frank Chin is Managing Director and Manager of the Public Finance Department for Citi, and has held this position since 1993. He is a past Chairman of The Bond Market Association Municipal Executive Committee. He was also a member of The Bond Market Association Board of Directors. Mr. Chin received his B.S. in Civil Engineering from the Cooper Union for the Advancement of Science and Art, a M.S. in Civil Engineering from the Massachusetts Institute of Technology and his MBA from the Harvard Graduate School of Business Administration.

Donald S. O’Brien is a Managing Director in the Global Capital Markets division of Morgan Stanley. Since 1996 he has been National Syndicate Manager for the firm’s Tax Exempt department. He has 29 years of experience in the municipal bond industry including sales, trading and has spent the past 20 years working closely with issuers and industry professionals throughout the nation as an underwriter of municipal bonds. He is a member of the Municipal Bond Club of New York and a past member of the Bond Market Association where he served on multiple committees including the Bond Market Association’s Municipal Securities Division Consumer Price Index Task Force and Municipal Syndicate and Trading Committee. Mr. O’Brien received his B.A. from the University of Rochester.

Mr. Chin replaces John J. Lawlor as Chairman. Mr. Lawlor, Managing Director, is head of Municipal Markets at Merrill Lynch in New York, New York. Mr. O’Brien replaces James M. Rogers. Mr. Rogers is Chief Operating Officer and Executive Vice President for J.J.B. Hilliard, W.L. Lyons, Inc. in Louisville, Kentucky.

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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.