HOLDEN HEADS TASK FORCE TO ESTABLISH ETHICS CODE

JEFFERSON CITY - Missouri State Treasurer Bob Holden has been named chairman of a 16-member task force established by the National Association of State Treasurers to develop a code of ethics for treasurers and other participants in the municipal securities market.

Holden will conduct the first meeting of the task force on Wednesday and Thursday in conjunction with the southern region meeting in Oklahoma City of the association.

Holden explained the task force will review standards governing political contributions, primary and secondary market disclosure, pricing information, and other issues facing the market.

"The municipal securities market is essential to our country and provides an efficient means of financing local government needs," said Holden. "However, concerns over political influence peddling and disclosure problems need to be addressed to restore investor confidence in the municipal marketplace."

Holden said that unless state treasurers work together to come up with sound solutions, the federal government likely will take action.

Said Holden: "I hope the treasurers can collectively craft solutions for some of these problems, and then use our individual offices to work with everyone from local elected officials to other participants in the market such as bond counsel and underwriters.

Holden was elected state treasurer last November.