PRESS RELEASE

Release Date:    August 3, 2007

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

MSRB Elects New Board Members
Alexandria, VA – The Municipal Securities Rulemaking Board is pleased to announce the selection of five new Board members.

The Municipal Securities Rulemaking Board was established in 1975 by Congress to develop rules regulating securities firms and banks involved in underwriting, trading and selling municipal securities -- bonds and notes issued by states, cities, and counties or their agencies to help finance public projects. The Board is a self-regulatory organization which sets standards for the industry. The Board's rulemaking authority is subject to oversight by the Securities and Exchange Commission.

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.

Serving three-year terms beginning on October 1, 2007, will be:

Terry Agriss is a retired Vice President of the Consolidated Edison Company of New York, Inc. She had responsibility for the purchasing and hedging of electricity and gas supplies for Con Edison and Orange & Rockland Utilities customers. Prior to her employment at Con Edison, Ms. Agriss was President of the New York State Environmental Facilities Corporation. Ms. Agriss is a member of the USEPA Environmental Finance Advisory Board and is a past president of the Council of Infrastructure Financing Authorities. She received her B.A. from Washington University.

Peter T. Clarke is Head of Municipal Underwriting and Syndication at J.P. Morgan Securities Inc. and has held various management positions there since joining the firm in 1977. He is a member of the SIFMA Syndicate and Trading Committee, a former Board member of the Municipal Forum of New York, and a former Board member of the MSRB. Mr. Clarke received his B.A. from the University of Virginia.

David A. Lipton is a Professor at The Catholic University of America, Columbus School of Law. He teaches securities regulation, corporate finance, and corporations. He is also the director of the Law School’s Securities Regulation Program. He has held offices and memberships in numerous professional organizations, including the National Association of Securities Dealers' National Adjudicatory Council, the NASD's Market Regulation Committee and its National Arbitration Committee. Prof. Lipton has also chaired the D.C. Bar's Section on Corporations, Finance and Securities. He is the author of a leading treatise on Broker-Dealer Regulations, published by West. He served as an Attorney Fellow at the Securities Exchange Commission and was an attorney with the firm of Debevoise & Plimpton. He received his B.A. from Cornell University, his J.D. from the University of Michigan Law School and an M.A. in public law and government from Columbia University.

Kevin L. Willens is Managing Director for Public Sector and Infrastructure Finance at Goldman, Sachs & Co. He serves as co-head of the National Infrastructure Group and is responsible for coordinating the public finance efforts across the country related to infrastructure, transportation and general government financing needs. He received his B.A. in Economics and Computer Studies from Northwestern University.

Stephen C. Wool is Municipal Sales Manager for Keybanc Capital Markets where he manages the institutional municipal sales staff. He is responsible for marketing both senior and co-managed origination product in conjunction with public finance and research; recruiting; and new public finance activities. Prior to joining Keybanc, he was Municipal Sales Manager for Legg Mason. Mr. Wool received his B.A. in Economics from Harvard University.