WASHINGTON -- Michael Dougherty, head of dougherty Dawkins Inc., in Minneapolis, was elected Thursday chairman of the Public Securities Association for 1992, to succeed Ralph Horn, president of First Tennessee National Corp.

Also announced Thursday was the departure of Frances Bermanzohn, the association's senior vice president and general counsel, to join Goldman, Sachs & Co. early next year as vice president for fixed-income legal and regulatory affairs. Ms. Bermanzohn has been with PSA for five years. No decision has been made on her replacement, the association said.

Ms. Bermanzohn has been the principal staff adviser to the PSA's government securities division, which has been doing double duty recently as Washington tackles the reauthorization of the Government Securities Act of 1986 and responds to recent announcements by Salomon Brothers of trading violations.

In other changes, Don Taggart, vice president for corporate treasury at the Chase Manhattan Bank, was elected PSA vice chairman, and Lee Barba, managing director for the municipal securities group of BT Securities Corp. in New York, was elected chairman of the municipal securities division.

Vice chairman of the municipal securities division is R. Fenn Putman, executive vice president and managing director of the municipal finance department of Dean Witter Reynolds Inc.

The new chairman of the PSA's government and federal agency securities division is Kenneth M. deRegt, managing director for fixed-income securities at Morgan Stanley & Co. The vice chairman is J. Patrick Rothstein, managing director and chief operating officer of Merrill Lynch Government Securities Inc. They also will serve as chairman and vice chairman, respectively, of the PSA's primary dealers committee.

In the mortgage-backed securities division, the chairman-elect is John Sites, executive vice president for Bear, Stearns & Co. Jeffrey Kronthal, managing director for Merrill Lynch Mortgage Capital Inc. has been elected vice chairman.

The PSA's Treasury Borrowing Advisory Committee will be chaired in 1992 and 1993 by Morgan Stark, managing vice chairman of PSA's Treasury Borrowing Advisory Committee, who was 1991 vice chairman of the panel.

Elizabeth Goldenberg, senior dealer for short-term asset trading at the Torronto-Dominion Bank, will continue to chair the PSA's money market committee.

Mr. Dougherty was a member of the PSA board of directors from 1981 to 1984 and was reelected to the board in 1990. He was chairman of the PSA's Political Action Committee in 1988 and 1989 and chairman of the municipal securities division in 1983.

Mr. Taggart became a member of the PSA board in 1988 and served as chairman of the money market committee from 1988 through 1990. Rex Teaney 2d, senior vice president and group executive of the bond and money market group for Wachovia Bank of North Carolina, was elected 1992 treasurer of the PSA.

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