WASHINGTON -- The Municipal Securities Rulemaking Board has elected five new members to three-year terms beginning Oct. 1, including two each representing securities firms and bank dealers and one representing issuers and the public, the board announced last week.

The board consists of 15 members, with five each representing bank dealers, securities firms, and the public. At least one public member must be an issuer and another must be an investor. The board selects five new members and a new chairman annually.

The MSRB is not expected to announce until mid-September which of the board's members has been elected chairman for fiscal 1992 to replace David Hartley, a senior partner with Stone & Youngberg.

The board's new issuer member is Robert Inzer, treasurer for Tallahassee, Fla., and executive director of the Sunshine State Governmental Financing Commission. He is a member of the board of the Government Finance Officers Association.

The two new securities firm representatives are Edwin Horner 3d, first vice president and manager in charge of municipal trading and underwriting at Scott & Stringfellow Investment Corp., and Gregory Menne, director of fixed-income management for A.G. Edwards & Sons Inc. Mr. Menne, a 24-year veteran of A.G. Edwards, is a member of the board of the Public Securities Association.

The two new dealer bank representatives include Ruth Smith, senior vice president for the capital markets department of Texas Commerce Bank in Houston, where she been a staff member for 10 years, and M. Rex Teaney 2d, senior vice president and group executive of Wachovia Bank & Trust Co.

Mr. Teaney, who has been with Wachovia fro 19 years, is a member of the PSA board and executive committee. He has served on the board of directors of the now defunct Bank Capital Markets Association and was chairman of its federal affairs committee.

The announcement comes at a time of uncertainty over the board's role in the disclosure arena. The Securities and Exchange Commission on June 6 tabled the MSRB's proposed electronic system for providing continuing disclosure information about municipal bonds because it did not allow paper submission of ongoing information.

The board also did not take a formal vote at its quarterly meeting early this month, in Jackson Hole, Wyo., on how specifically to proceed on its Continuing Disclosure Initiative/Electronic Submission.

But Mr. Hartley said in an interview Aug. 5 that the board has decided to move ahead and develop a program to improve secondary-market disclosure, although it has not settled on a format.

The five board members stepping down on Sept. 30 include the two bank dealer representatives, Robert C. Brown, who just retired as chairman of Norwest Investment Services Inc., and Amos T. Beason, executive vice president of First National Bank of Commerce.

The departing public member is John M. Gunyou, the commissioner of the Minnesota Department of Finance and the former city finance officer of Minneapolis.

Beside Mr. Hartley, the other outgoing securities firm representative is R. Fenn Putman, executive vice president and a managing director of Dean Witter Reynolds Inc.

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