WASHINGTON — Ernesto "Ernie" Lanza is leaving his position as deputy executive director at the Municipal Securities Rulemaking Board to join the Washington office of Greenberg Traurig.
Lanza joined the MSRB in 1997 and has served in various capacities, including as general counsel, and played a major role in disclosure and market transparency initiatives. He previously led the MSRB's market regulation activities and oversaw the development and launch of the MSRB's EMMA website.
The child of Cuban immigrants, Lanza holds a bachelor's degree in government from Harvard University and a law degree from the University of Pennsylvania Law School. He previously worked in private practice at Greenberg Traurig, Ballard Spahr and Holland & Knight.
"We are very proud that a Greenberg Traurig alumnus has achieved so much," said Laura Klaus, co-managing shareholder of the firm's Washington, D.C. office." Ernie worked at the firm from 1988 to 1991. His impressive journey since then and his extensive experience overseeing the MSRB's market structure, economic analysis and legislative affairs functions will certainly benefit our public finance clients and complement the services offered by our public finance department."
Michael Lehr, a regional operating shareholder of the firm, said Lanza's experience will be an asset to the firm as muni market regulation continues to evolve.
"As the municipal markets face increasing regulatory scrutiny, Ernie's return fits in with our firm strategy to expand key practices with top-tier practitioners in the areas most critical to our clients' needs," he said.
Those who have worked with Lanza praised his experience and knowledge of securities laws.
"His contributions to the MSRB are significant, as are his contributions to the industry, said MSRB executive director Lynnette Kelly. "He's been fiercely dedicated to the mission of the MSRB."
Frank Shafroth, a former MSRB staff member who is now director of the Center for State and Local Leadership at George Mason University, recalled that Lanza provided him with invaluable assistance in late-night phone conversations with Congressional staff drafting the Dodd-Frank Act. Shafroth said Lanza's "intimate knowledge" of the law makes him one of the best legal interpreters in the muni business. He is also a good man to work with, Shafroth added.
"It was always an honor to me, to serve with Ernie," he said.
Christopher "Kit" Taylor, who served as the MSRB's executive director from 1978-2007, said Lanza has "kept the flame alive" for some of the board's pricing and disclosure goals after being initially discouraged about their prospects nearly 10 years ago. Taylor said he sees Lanza's handiwork in the board's improvements to EMMA, and that he believes Lanza will not be easy to replace.
"I think the board will probably end up missing his knowledge and experience," Taylor said.
Kelly said the board will not necessarily attempt to replace Lanza at all, but will use his departure as an opportunity to reevaluate its leadership structure in a way that could see Lanza's role absorbed by more than one person. Lanza's last day at the board will be in early July, she said, and the board will soon begin exploring long-term solutions for its post-Lanza structure.
Other sources said Lanza's departure will be especially difficult for the board because most of the MSRB staff, except Kelly, do not have extensive experience in the muni business, and do not bring to the table the same practical knowledge of muni regulation that Lanza possesses. The board is currently in the midst of major projects to create a new regulatory framework for municipal advisors and a central transparency platform that may incorporate far more muni pricing data than retail investors currently have access to.
