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

MSRB ANNOUNCES BOARD OF DIRECTOR OFFICERS FOR FISCAL YEAR 2013

Alexandria, VA – The Municipal Securities Rulemaking Board (MSRB) today announced the names of officers of its Board of Directors for fiscal year 2013. Jay M. Goldstone, Chief Operating Officer of the City of San Diego and a public member of the MSRB Board of Directors, will serve as MSRB Chair beginning October 1, 2012. Stephen E. Heaney, Managing Director for Stone & Youngberg, a division of Stifel Nicolaus, will serve as Vice Chair. Officer terms are for one year.

The MSRB’s Board of Directors establishes policies, approves rulemaking and market transparency initiatives, and oversees operations for the MSRB, the self-regulatory organization for the municipal securities market.

“Jay and Steve have a tremendous amount of experience in the municipal market and will provide outstanding leadership for the MSRB as it carries out its public-purpose mission of protecting investors, state and local governments, and the public interest,” said Alan Polsky, current MSRB Chair.

Jay Goldstone has served on the MSRB Board since 2010 and has spent his career in municipal government in financial and executive capacities. Prior to his role as chief operating officer in San Diego, Mr. Goldstone was the chief financial officer for the City of San Diego, the director of finance for the City of Pasadena, the manager of finance for Maricopa County, and the interim city manager and director of finance for the City of Richmond. Mr. Goldstone has served as the former chair of the League of California Cities Revenue and Taxation Committee, where he remains a member, and currently serves as the commissioner of the California Debt and Investment Advisory Commission. Mr. Goldstone received a bachelor’s degree from the University of Minnesota and a master’s degree in public administration from Arizona State University. He also received a master’s degree in business administration from Santa Clara University.

Stephen Heaney joined the MSRB Board in 2009 and has more than 30 years of experience in municipal finance, the majority of those years with Stone & Youngberg, where he has directed billions of dollars in public offerings for capital improvements throughout California and Nevada. He has taken a lead role in creating public financing techniques to address the infrastructure needs of large and small-scale development and redevelopment projects, and is a frequent speaker on infrastructure finance issues. Mr. Heaney is a former board member of the California City Management Foundation, and a past chairman of the California Public Securities Association. He also served on the Executive Committee of the Municipal Division of the Regional Bond Dealers Association. Mr. Heaney received a bachelor’s degree from Texas Tech University and a master’s degree in public administration from the Maxwell School at Syracuse University.

The Municipal Securities Rulemaking Board (MSRB) protects and strengthens the municipal bond market, enabling access to capital, economic growth, and societal progress in tens of thousands of communities across the country. The MSRB fulfills this mission by creating trust in our market through informed regulation of dealers and municipal advisors that protects investors, issuers and the public interest; building technology systems that power our market and provide transparency for issuers, institutions, and the investing public; and serving as the steward of market data that empowers better decisions and fuels innovation for the future. The MSRB is a self-regulatory organization governed by a 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.

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