WASHINGTON — Kathleen A. McDonough, a retired senior managing director of Ambac Financial Group, has joined the Municipal Securities Rulemaking Board as one of 11 independent public members of its 21-member board for a term that will run through Sept. 30, 2012.

McDonough, who previously served on the MSRB from 2008 to 2011, was selected by the board to replace John Petersen, who died on April 4.

McDonough has nearly 30 years of experience in public finance and securities law.

Before becoming a senior managing director at Ambac, she was the company’s general counsel for public finance and also its assistant general counsel. Before that, she was an associate specializing in securities and municipal finance law at Orrick, Herrington & Sutcliffe and an enforcement investigator at the New York Stock Exchange.

She is a past appointed member of the California Debt and Investment Advisory Commission’s technical committee and a founding member of Women in California Public Finance.

McDonough has a bachelor’s degree in accounting from Fordham University and a law degree from Fordham University Law School.

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