David C. Clapp

David C. Clapp, 86, of Tequesta, Florida passed away peacefully at home on July 8, 2023. David had a bigger-than-life personality, and was smart, quick-witted, demanding, generous and a great storyteller. He loved music and collected Abstract Expressionist art. He was a staunch fan of the Yankees and New York Giants, played golf, rode horses, and was an enthusiastic fly fisherman. David started in the securities business at R.W. Pressprich & Company in 1960 after he graduated from Yale University. In 1972, while working as financial advisor for the New York Dormitory Authority and Mount Sinai Hospital, David was recruited to join Goldman, Sachs & Co. to accelerate the municipal bond business. David became a partner in 1978 and later became the partner-in-charge of Municipal Finance with overall responsibility for investment banking, underwriting and trading. David had clients all over the United States and specialized in electric power agencies, health care and universities. As a result of this professional focus, David knew his way around the politics of small and large cities and could “work a room” with his intellect and keen sense of humor, endearing himself to colleagues and clients alike. He managed to remain calm under pressure, patient when making consequential decisions and, through it all, was consistently entertaining. David retired in November 1994, but continued to work for the betterment of the public finance industry. He was elected to the Municipal Securities Rulemaking Board (MSRB) in 1992 and was elected chairman in 1994. While Chairman, the MSRB was instrumental, together with the SEC, in establishing disclosure rules for political contributions related to the issuance of municipal securities, otherwise known as restricting “pay-to play”. David had many philanthropic interests and served as President of the Board of Trustees of the Museum of the City of New York, and Chairman of the Board of Trustees for the New York Chapter of the Arthritis Foundation. His leadership skills were in great demand and he further held important positions on the boards of Kent School, University of Miami, Bard College, Buckley Country Day School, Hazelton Foundation and Scenic Hudson. David is survived by his wife Connie, his children David C. Clapp, Jr, Katherine Clapp, Alison Bower and his loving grandsons. David had a special place in his heart for Kent School, and a memorial service will be held there in the Fall.

Published by New York Times on Jul. 23, 2023.