Utah State Treasurer Richard Ellis Selected to Serve on the Board of Directors for the Municipal Securities Rulemaking Board

August 2, 2012

SALT LAKE CITY - The Municipal Securities Rulemaking Board (MSRB) yesterday announced the names of seven new Board of Directors members, including Utah state treasurer Richard Ellis. Mr. Ellis will begin his term on October 1, 2012. The 21-member MSRB Board of Directors establishes policies, approves rulemaking, enhances market transparency systems and oversees operations for the self-regulatory organization for the municipal securities market.

"I am delighted to welcome this knowledgeable group of professionals to the MSRB Board," said MSRB Chair Alan Polsky. "They bring a broad and extensive set of talents to the table and will ensure that the MSRB continues to fulfill its mission."

Ellis' selection comes at a crucial time, as the Securities and Exchange Commission and MSRB press forward with a raft of initiatives aimed at bolstering disclosure, transparency, regulatory oversight and other investor protections in the municipal bond market. "Treasurer Ellis will be an excellent public sector representative to the MSRB," said Terry Rock, Managing Director at Wells Fargo Securities in Salt Lake City. "He brings a breadth and depth of experience derived from his financial background in all aspects of the municipal bond market."

With recent dislocations in the financial markets, the roles of regulatory bodies such as the MSRB are increasing in importance. "It is an honor for Treasurer Ellis to be selected to serve on the Board of the MSRB." Nevada Treasurer Kate Marshall, said. "State Treasurers play an integral role in protecting the public interest in the states' securities markets and Treasurer Ellis will bring that valuable perspective to the MSRB."