WASHINGTON -- Gregory C. Menne, director of fixed-income management for A.G. Edwards & Sons in St. Louis, has been named vice chairman of the Municipal Securities Rulemaking Board for fiscal year 1994, the MSRB said yesterday.

Menne, who is about to complete the second year of a three-year term on the board, has been with A.G. Edwards for 26 years. He has been a director of the firm since 1983. Before that, he spent 14 years in the firm's operations division. He is a former member of the board of the Public Securities Association.

Menne replaces John C. Merritt, the chairman and chief executive officer of Van Kampen Merritt Inc. Merritt's term expires Sept. 30, when the current fiscal year ends.

As expected, the board yesterday announced the election of David C. Clapp as chairman for fiscal 1994. Clapp is partner in charge of the municipal bond department at Goldman Sachs & Co.

Clapp and Menne will take the helm at a critical juncture for the MSRB. The board, the Securities and Exchange Commission, and the National Association of Securities Dealers, are expected to send reports to Congress on Sept. 3 recommending whether Congress should tighten federal regulation of the municipal bond market.

The House Energy and Commerce Committee is expected to announce shortly that it will hold hearings on the issue sometime in September.

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