WASHINGTON -- David C. Clapp, a partner and head of municipal securities at Goldman, Sachs & Co., has been elected chairman of the Municipal Securities Rulemaking Board for fiscal year 1994, the MSRB is expected to announce today.

The formal announcement will come a week after Clapp let it be known in financial circles that he was the chairman-elect of the MSRB. He is about to complete the first year of a three-year term on the board.

Board officials declined to confirm Clapp's election, and said a formal announcement of the new chairman and vice chairman will be made this morning.

Clapp was named head of Goldman's municipal securities department in August 1990, succeeding Robert N. Downey. Clapp joined the firm in 1972.

Meanwhile, the treasurer of the University of Virginia, two securities dealers, a bank dealer, and a bond lawyer have been elected to three-year terms on the board.

The new chairman and members will take their seats on Oct. 1, the start of the fiscal year. The self-regulatory board faces critical decisions on the final makeup of its controversial proposed rules governing political contributions and secondary market disclosure. At the same time, Congress will be considering whether to impose tougher regulations on the municipal market.

The board consists of 15 members, with five each representing securities firms, bank dealers, and the public. At least one public member must be an issuer and another must be an investor. Five members are elected on a rotating basis each year.

Alice W. Handy, the treasurer of the University of Virginia since 1988, and Alan Appelbaum, a partner in the law firm of Cleary, Gottleib, Steen & Hamilton, will represent the public on the board. Handy will also represent issuers.

Edward J. Reinoso, president of Reinoso & Co., and Andrew F. Rosley, managing director of Morgan Stanley & Co., will represent securities firms.

Anthony J. Taddey, senior vice president and director of municipal securities for Bank of America, San Francisco, will represent bank dealers.

The new chairman will replace outgoing chairman and board member Charles W. Fish, chairman and chief executive officer of Fish & Lederer Investment Counsel Inc., of Orange, Calif., MSRB executive director Christopher A. Taylor said yesterday.

In addition to Fish, a public member who also represents investors, the other board members whose terms end on Sept. 30 are: MSRB vice chairman John C. Merritt, chairman and chief executive officer of Van Kampen Merritt Inc., Philadelphia, and R. Fenn Putman, a managing director of Lehman Brothers, who are both securities firm members; Katharine C. Lyall, the president of the University of Wisconsin, a public member; and Peter C. Clarke, the had of municipal underwriting and sales at J.P. Morgan Securities, a dealer bank member.

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