WASHINGTON -- Citing concerns that the Municipal Securities Rulemaking Board has failed to effectively lead the municipal industry through some of its roughest waters recently, a GFOA panel has asked the board to open some of its meetings to the public and change the process it uses to select members.

"Many market participants and other Observers have criticized the MSRB for its lack of leadership in the municipal bond arena," said Aurel M. Arndt, chairman of the Government Finance Officers Association's committee on governmental debt and fiscal policy, in a four-page letter yesterday to board chairman David C. Clapp.

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