Diversity, Equity & Inclusion

In 2021, the NFMA undertook an effort to explore Diversity, Equity & Inclusion (DEI) through a DEI Committee comprising a broad, diverse and enthusiastic group of women and men from across the United States.  The committee is broken up into three subgroups, each with a goal: 

  • Recruitment and Retention Strategy
  • Best Practices Educational Offerings
  • Survey of Members and Non-members in the Municipal Bond Industry & Data Collection

The first initiative undertaken by the DEI Committee was to propose a new mission statement for the NFMA: 

“The NFMA is a not-for profit association of municipal analyst societies and affiliated individual members. The NFMA’s mission is to enhance the professional development and analytical contributions of municipal market participants through best-in-class educational programs, networking opportunities, and targeted advocacy, while promoting diverse thoughts, perspectives, and representation for the benefit of an equitable and inclusive municipal bond industry. A continuing commitment to diversity, equity, and inclusion is critical to deepening our relevance, credibility and effectiveness as we strive to achieve this mission.”

This mission statement was proposed as an amendment to the NFMA constitution, which was approved by the NFMA Board in October 2021, and after notice to the membership, a 60-day comment period commenced. Effective December 27, 2021, the new mission statement was embedded in the NFMA constitution.

Please watch the following presentation by Anne Ross, 2021 NFMA Chair with Neene Jenkins and Nicole Byrd, DEI Committee Co-Chairs: Click here to watch.

DEI Co-Chairs

Emmanuelle Lawrence, Fitch

Ryan Bowers, Baker Station Advisors

DEI Representatives from the NFMA Constituent Societies

BMAF – Stephen Murphy, PFM 

CMAS - Emily Wadhwani, Fitch 

CSMA – Andrew Porges, Assured Guaranty 

MAGNY—Leonard (Lenny) Jones, Blaylock Van 

MARMOT – Allie Rozgonyi, S&P

MSMA – Emily Robare, PIMCO

PhAMAS - Michael Murray, Vanguard 

SMFS – Dean Mead, Carr, Riggs & Ingram CPAs 


Anne Ross, Muni Credit & Compliance Advisors LLC

Valinie Dayaljee, RBC 

Jonathan Garrett, Brown Advisory 

Gabriel Prado Correa, State Farm 

Stephanie Linnet, S&P Global

William Martinez De Velasco, Northeastern University

Larry Witte, Fitch 

Akiko Mitsui, Fitch 

Nina Orm, Fitch 

Ted Damutz 

NFMA DEI Survey Results

In the fall of 2022, the NFMA initiated a survey on Diversity, Equity & Inclusion. Outreach for survey participation was made to all NFMA members as well as to various groups in the industry. A report on the survey may be accessed by clicking here. The NFMA DEI Committee is currently evaluating next steps. One such step may be a webinar discussion of the survey results with the opportunity for members to ask questions and/or provide feedback.