Magazine article American Banker

Public Securities Association Elects Rousseau as Its Chairman

Magazine article American Banker

Public Securities Association Elects Rousseau as Its Chairman

Article excerpt

MARCO ISLAND, Fla. -- The Public Securities Association has started on the road to what it hopes will be an expanded role in all the public securities markets by electing Jean J. Rousseau of Merrill Lynch Capital Markets as its chairman for 1985.

Also elected were: Jon S. Corzine, partner at Goldman, Sachs & Co., as vice chairman; Thomas E. Leafstrand, vice president at Northern Trust Co., as treasurer; Clayton F. Brown, president of Clayton Brown & Associates, as chairman of the municipal securities division; Richard M. Kelly, senior vice president at Aubrey G. Lanston & Co., as chairman of the government and federal agency securities division, and Michael P. Mortara, managing director at Salomon Brothers Inc., as chairman of the mortgage-backed securities division.

The new officers were elected at the association's annual conference here.

Public Securities Association officials at the conference spent almost as much time recasting their organization to expand its focus beyond tax-exempt securities as its members spent on golf courses and tennis courts.

"We recognize a broadening of the scope of the organization," said Mr. Rousseau, director of Merrill Lynch's municipal securities division and the 1981-82 chairman of the Municipal Securities Rulemaking Board.

"We are now the dominant spokesmen for the government market, and the principal trade organization for the mortgage-backed securities," Mr. Rousseau said.

The association was created seven years ago, when a group consisting mainly of tax-exempt security dealers split from the Securities Industry Association to form its own trade group. Since then, it has acted most obviously as a lobbying force and a voice for the municipal bond business.

But in recent years, with the various public securities markets growing and changing, the association formed three distinct divisions to represent each public market -- municipal securities, government and federal agency securities, and mortgage-backed securities. …

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