WASHINGTON — The author of a seminal primer on municipal securities regulation, along with an attorney who successfully argued for Kentucky in the landmark Supreme Court case on states' preferential tax treatment, are among the 11 new members of the Municipal Securities Rulemaking Board.
The board posted the names of its new members on its Web site this morning to comply with the mandate that it become a majority-public self-regulator under the Dodd-Frank Wall Street Reform and Consumer Protection Act. Eight of the new members are "public representatives," while three are non-dealer municipal advisers.
As part of its transformation into a majority-public self-regulator, the board expanded to 21 members, with 11 public officials and 10 regulated officials.
The public members include Robert Fippinger, senior counsel at Orrick, Herrington & Sutcliffe LPP in New York, who is the author of the two-volume "The Securities Law of Public Finance," as well as C. Christopher Trower, the owner of electriclaw.com in Atlanta, who successfully argued for Kentucky in the Kentucky v. Davis Supreme Court case in 2007 that reaffirmed more than 40 states' preferential tax treatment of their own debt.
The other new public members are: Milroy Alexander, former chief executive officer of the Colorado Housing and Finance Authority; Sheryl Bailey, deputy county administrator for management services in Chesterfield County, Va.; Jay Goldstone, chief operating officer of San Diego; Robert Jackman, founder and trustee of the Brooke Jackman Foundation Inc. in New York; David Madigan, chief investment officer at Breckinridge Capitol Advisors in Boston; and Benjamin Thompson, a founding principal at Samson Capitol Advisors in New York.
The three advisers will join seven bank and broker-dealers from the previous industry-led board whose terms did not expire Thursday. They are: Adela Cepeda, president of A.C. Advisory Inc. in Chicago; Robert Lamb, president of Lamont Financial Services Corp. in Wayne, N.J.; and Noreen White, co-president of Acacia Financial Group in Montclair, N.J.
The new public representatives join the three non-dealers from the previous board: Frank Thomas Howard, executive director of financial management in Kentucky's finance and administration cabinet; Kathleen McDonough, former senior managing director of Ambac Financial Group in New York; and Mark Muller, senior vice president and municipal portfolio manager at Loews Corp. in New York.
They join three continuing bank representatives: Michael Bartolotta, vice chairman at First Southwest Co. in Dallas, who is chairman of the MSRB for its new fiscal year; Martin Vogtsberger, managing director and head of institutional brokerage at Fifth Third Securities Inc. in Columbus, Ohio; and Kevin Willens, managing director at Goldman, Sachs & Co. in New York.
The four continuing securities firm representatives are: Stanley Grayson, vice chairman and chief operating officer at M.R. Beal & Co. in New York; Stephen Heaney, managing director and head of public finance at Stone & Youngberg LLC in Los Angeles; Alan Polsky, senior vice president at Dougherty & Co. in Minneapolis; and John Young 2d, managing director at Samuel A. Ramirez & Co. in New York.
