Ex-MSRB chief Lynnette Kelly starts new jobs

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Former Municipal Securities Rulemaking Board CEO Lynnette Kelly has landed multiple new positions, including as a board member of the parent company of the Government Accounting Standards Board.

On Jan. 1, Kelly started a board position on the Financial Accounting Foundation Board of Trustees. That term will conclude on Dec. 31, 2025. FAF is the parent organization of the Financial Accounting Standards Board and the Governmental Accounting Standards Board. Kelly is one of five new trustees after five board members’ terms ended on Dec. 31.

Lynnette Kelly began her new role at the Financial Accounting Foundation this year.

“It’s probably an organization that not too many people know about but has a tremendous impact through its oversight of GASB for state and local governments,” Kelly said. “So I’m really excited to join the board of the foundation.”

Other muni-focused trustees on the board include Jeffery Esser, former executive director of the Government Finance Officers Association and David Lillard, Tennessee state treasurer.

Kelly noted that while she may not be a government trustee, she has a clear understanding of GASB and FASB requirements.

“It’s an incredible organization, very well respected and so I feel like there are no problems to fix, it’s just doing my part of helping to achieve the mission of the organization,” Kelly said.

Kelly was MSRB CEO for 12 years, where she oversaw the creation of EMMA, an official source for municipal securities data and disclosure documents.

Kelly said her work at the MSRB positions her well to succeed at her new task.

“Being on staff you’re responsible on a day to day basis for implementing the strategic direction, delivering on the objectives and the operating plan,” Kelly said. “As a board member, you take much more of an oversight role, so transitioning to the day to day to the oversight role will be exciting. But working in the trenches for so long positions be well and working with such great board members at the MSRB over my 12 years there gives me an opportunity to parlay that experience into board service.

Kelly said she didn’t want to stop working.

“I didn’t want to work at a day-to-day anymore, but I did want to keep busy and wanted to continue to make a difference and be involved so this seems to be a great next step for me,” she said.

Critics have said that munis don’t have a voice on the FAF board. That criticism follows the selection of Joel Black as GASB chair, which is not in keeping with the tradition of selecting a state auditor.

FAF trustees oversee and appoint the members of GASB and FASB.

“We look for diversity along many dimensions,” said Matthew Broder, FAF vice president of public affairs. “Obviously Lynnette brings tremendous expertise in the municipal bond world. So that will be an extremely valuable contribution that she can make to the board in her term service.”

Kelly will also start a position in the coming weeks as a public finance advisory council member at the Milken Institute's Center for Financial Markets.

Kelly also started a different position at the beginning of the year on the board of managers at Common Securitization Solutions, alongside Dylan Glenn, formerly a special assistant to former President George W. Bush for Economic Policy.

"Dylan and Lynnette have a great diversity of experience in financial services as well as in complementary sectors such as investment banking, asset management, and securities regulation," said CSS Chief Executive Officer Tony Renzi. "I look forward to them helping us in our efforts to realize the full potential of our business."

CSS is a joint venture owned by Fannie Mae and Freddie Mac regulated by the Federal Housing Finance Agency. In January 2020, FHFA announced that CSS was amending its board structure expanding it to nine from four. There is no term limit for its board members and little turnover.

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Career moves Lynnette Kelly GASB Washington DC FASB FHFA