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Contact: Leah Szarek, Chief External Relations Officer




Washington, DC – The Municipal Securities Rulemaking Board (MSRB) announced today that Robert Clarke Brown has joined the Board of Directors for the remainder of the fiscal year ending September 30, 2021. Brown fills the vacancy created by the resignation of William Fitzgerald, a public representative on the Board.

Brown is retired from a long career in public finance and law. He served as Treasurer at Case Western Reserve University and was Capital Markets Advisor at the U.S. Department of Transportation. Earlier in his career, he managed the public finance department for Key Capital Markets, the investment banking subsidiary of KeyCorp, and he practiced law with the firm of Jones, Day, Reavis & Pogue in Cleveland. His public sector experience includes additional work in federal and state government. Brown has a bachelor’s degree from Princeton University, a master’s degree from Georgetown University Law Center and a law degree from Harvard Law School.

“Bob previously served a four-year term on the Board and has a deep understanding of the governance process, having led the Board’s FY 2020 Governance Review Special Committee,” said Caroline Cruise, Chair of the Board’s Nominating Committee. “We are grateful to Bob for providing his expertise during the remaining four months of this public member term.”

The Board of Directors sets the strategic direction of the MSRB, makes policy decisions, authorizes rulemaking and market transparency initiatives and oversees MSRB operations. AcceptReject


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.