NAPA, Calif.--An executive at a prominent black-owned municipal bond firm expressed concern last week that the Municipal Securities Rulemaking Board does not include minority representation from either the industry or issuer sides of the market.

Napoleon Brandford, vice chairman of Grigsby Brandford & Co., made the MSRB charge during a speech that also focused on racial and other divisions affecting the municipal bond industry and the way business is awarded.

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