Back to top

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


Alexandria, VA – The Municipal Securities Rulemaking Board (MSRB) today announced new officers and Board of Directors members who will begin their terms on October 1, 2014. The Board makes policy decisions, authorizes rulemaking and oversees the MSRB’s operations.

Kym Arnone, Managing Director at Barclays, will serve as Chair of the MSRB for Fiscal Year 2015. "I am honored to have been elected as next year's Chair," said Chair-elect Arnone. "The MSRB is at the forefront of multiple initiatives to protect investors and municipal entities, and this is an exciting time to oversee the organization's strategic activities."

Chair-elect Arnone will be joined on the Board management team by Marcy Edwards, former Senior Financial Policy Advisor to the District of Columbia's Chief Financial Officer, who will serve as Vice Chair.

 “The MSRB has never been more relevant to municipal securities investors or state and local governments,” said Vice Chair Edwards. “It is an honor and a great opportunity to be part of the organization’s leadership this year.”

New members of the Board of Directors elected at the Board’s meeting last week represent both the public and municipal securities firms regulated by the MSRB. Joining the Board for three-year terms on October 1 as public representatives are Richard Froehlich, Chief Operating Officer and General Counsel for the New York City Housing Development Corporation, and Rita J. Sallis, Principal at the Yucaipa Companies. Current MSRB Board Member Robert A. Fippinger, who is Senior Counsel at Orrick, Herrington & Sutcliffe, will serve another three-year term on the Board as a public member.

The Board also has elected individuals from four regulated entities. Securities firm representatives include Gary Hall, Head of Investment Banking and Senior Managing Director at Siebert Brandford Shank & Co. LLC; Lucy Hooper, Executive Vice President and Director of Fixed Income at Davenport & Company, LLC; and Arthur Miller, Managing Director of the Public Sector & Infrastructure Group in the Investment Banking Division of Goldman Sachs & Co. Joining the Board from a municipal advisor firm is Steve Apfelbacher, President of Ehlers and Associates.

Biographical information about the new officers and Board members is below. See a list of Board applicants.

Kym Arnone, who has served on the Board since 2012, is Managing Director and Head of Municipal Securitization Initiatives at Barclays. Prior to her role with Barclays, she was a senior banker at Bear Stearns. Ms. Arnone is a trustee for the Citizens Budget Commission, and a former board member of the Municipal Forum of New York. Ms. Arnone graduated magna cum laude from St. John’s University with a bachelor’s degree in finance.

Marcy Edwards, who has served on the Board since 2012, is former Senior Financial Policy Advisor to the District of Columbia’s Chief Financial Officer. Prior to joining the government of the District of Columbia, she was executive vice president and a partner of the financial advisory firm Public Resources Advisory Group, where she advised a broad range of state and local governments, their agencies and authorities on credit issues and assisted in the structuring of a variety of public finance offerings. Ms. Edwards received a bachelor’s degree from Rollins College and a master’s degree in public administration from the University of Southern California.

Steve Apfelbacher is President at Ehlers and Associates, where he is responsible for helping Wisconsin and Minnesota municipalities design and implement financial solutions. He is the past President and past Board member of the National Association of Independent Public Finance Advisors, focusing on the regulation of municipal advisors. Mr. Apfelbacher has a bachelor’s degree from University of Minnesota and is a Certified Independent Public Finance Advisor.

Richard Froehlich is Chief Operating Officer and General Counsel at the New York City Housing Development Corporation where he directs the Corporation’s finance and legal activities, and acts as chief legal officer. He is also Adjunct Assistant Professor of Urban Planning at Columbia University Graduate School of Architecture, Planning, and Preservation, and regularly lectures on affordable housing issues. Prior to joining the Corporation, Mr. Froehlich served as Counsel for the Transactional Practice at O’Melveny & Myers LLP, was Assistant Counsel at the New York State Housing Finance Agency and State of New York Mortgage Agency, and was an Associate in the Banking and Investment Group of Skadden, Arps, Slate, Meagher & Flom. He currently is a member of the Governing Board for American Bar Association Forum on Affordable Housing and Community Development Law. Mr. Froehlich has a bachelor’s degree from Columbia College of Columbia University and a law degree from Columbia University School of Law.

Robert Fippinger is Senior Counsel at Orrick, Herrington & Sutcliffe, which has a large practice area in public finance. He previously served as a partner at the firm. Earlier he was a Partner and an Associate at Hawkins, Delafield & Wood. Mr. Fippinger is the author of a two-volume treatise, titled “The Securities Law of Public Finance” and has taught public finance and securities law as an adjunct professor at Yale Law School, New York University School of Law and Hofstra Law. Mr. Fippinger received a bachelor’s degree from Duke University, and master’s and doctorate degrees from Northwestern University. Mr. Fippinger also received a law degree from the University of Michigan Law School.

Gary Hall is Senior Managing Director and the National Head of Investment Banking at Siebert Brandford Shank & Co. LLC, where he is responsible for managing all bankers and leading the firm’s execution strategy for business development with municipal bonds underwriting, origination and financial advisory services nationwide. Mr. Hall’s professional career spans over 20 years and includes positions in government, law and investment banking. Prior to joining Siebert Brandford, he was an Executive Director in the Public Finance – Investment Banking Group of JPMorgan Securities LLC. Earlier he was a member of the Mergers & Acquisitions Group of Banc One Capital Markets Inc., and practiced law in the corporate finance department of Gardner, Carton and Douglas (now Drinker, Biddle and Reath). Mr. Hall was also White House Fellow under President Bill Clinton. Mr. Hall has a bachelor’s degree from Howard University and a law degree the University of Notre Dame.

Lucy Hooper is Executive Vice President at Davenport & Company LLC, where she has worked in various capacities in fixed income since 1981. Earlier she worked as a trader and in fixed income sales for First and Merchant National Bank, which became Sovran Bank. Ms. Hooper is past Chair of the Board of Trustees at Randolph-Macon Woman’s College (now Randolph College), where she graduated magna cum laude from with a bachelor’s degree.

Arthur Miller is Managing Director of the Public Sector & Infrastructure Group in the Investment Banking Division of Goldman Sachs & Co. Mr. Miller joined Goldman Sachs in 1985, where he serves as Co-head of the Public Finance Strategies and Analytics Group. He has previously worked in the firm’s New Product Development Group, and the Fixed Income Research Group. He started his career as an Associate Attorney at Mudge Rose Guthrie Alexander & Ferdon. Mr. Miller earned a bachelor’s degree from Princeton University, a master’s degree from the University of North Carolina, a law degree from Duke University School of Law, and a master’s of law from New York University.

Rita Sallis is a Principal at the Yucaipa Companies, where she is responsible for marketing, client servicing, investor relationship maintenance and deal sourcing. Prior to this role, Ms. Sallis was Deputy Comptroller and Chief Investment Officer for the City of New York, and Deputy Comptroller for Public Finance for the City of New York. Earlier she was a Managing Director at RBC Dain Rauscher/Artemis Capital Group, Inc., Vice President at WR Lazard & Co., and worked in investment banking for E.F. Hutton & Company. Ms. Sallis currently serves on the Essex County College Board of Trustees and is a member of its Finance Committee. Ms. Sallis has a master’s degree in public health from the University of Pittsburgh and a bachelor’s degree from Central State 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.