The Role of the National Federation of Municipal Analysts in Promoting Better Disclosure
Lisa Good Executive Director National Federation of Municipal Analysts
Gerry Lian Executive Director Morgan Stanley Investment Management With contributions from
Tom Weyl Eaton Vance Management
Gregory A. Clark HVB Group
Gregory Aikman Mellon Private Wealth Management
The National Federation of Municipal Analysts (NFMA) is a not-for-profit professional association of municipal bond analysts located throughout the United States who specialize in evaluating the creditworthiness of municipal securities issued by state and local governments and underlying political instrumentalities. As set forth in its Constitution, the NFMA’s core mission is broad based (1) to promote professionalism in global public finance and credit analysis; (2) to strengthen the skill level of its members through educational programs; (3) to advocate issues of importance to the municipal finance industry; and (4) to facilitate the flow of information between analysts and market participants.
The NFMA was formed in 1983 through the creation of a national federation of municipal analyst groups scattered across the country. This federation included (1) members drawn from four charter organizations: the Boston Municipal Analysts Forum, the Chicago Municipal Analysts Society, the Municipal Analysts Group of New York and the Southern Municipal Finance Society; (2) members associated with the two new constituent ...

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