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


MUNICIPAL SECURITIES RULEMAKING BOARD SEATS NEW MEMBERS FOR FISCAL YEAR 2010
Peter T. Clarke Begins One-Year Term as Chair

Alexandria, VA - The Municipal Securities Rulemaking Board (MSRB) today seated members and officers for Fiscal Year 2010, with Peter T. Clarke, Managing Director of J.P. Morgan Securities Inc., as Chair and Alan Murphy, Senior Vice President at Duncan-Williams Inc., as Vice Chair.  Officer terms are for one year.

"I look forward to working with the MSRB and new Board members as Chair, following a  successful and active year for the organization," said MSRB Chair Clarke.  "There's a wealth of industry knowledge and experience on the Board this year and we look forward to addressing some of the continuing challenges facing the industry and the MSRB."

The MSRB's five new members represent securities firms, banks and an investor active in the municipal securities market.  They are Michael G. Bartolotta, Vice Chairman, First Southwest Co.; Stephen E. Heaney, Managing Director and Head of Public Finance, Stone & Youngberg LLC; Mark G. Muller, Senior Vice President, Municipal Portfolio Manager, Loews Corp.; Alan D. Polsky, Senior Vice President, Dougherty & Co. LLC; and Kevin L. Willens, Managing Director, Goldman, Sachs & Co.  The new members will each serve a three-year term.

"The perspectives of the MSRB's new Chair and Board members will reinforce our ability to protect investors and promote a fair and efficient municipal market," said MSRB Executive Director Lynnette Kelly Hotchkiss.  "We are pleased that we will have the benefit of their expertise, which is critical to advancing our mission."

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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