FOR IMMEDIATE RELEASE                                  2000-149

  Division of Corporation Finance Promotes Six Staff to Senior
                            Positions
                                
     Washington, DC, October 3, 2000 - The Securities and
Exchange Commission's Division of Corporation Finance today
promoted six current staff members to senior positions, including
Chief Counsel, Chief of the Office of Rulemaking, Assistant
Director (Disclosure Operations), and Senior Special Counsel
(Disclosure Operations).

     Division of Corporation Finance Director David B.H. Martin
said, "These talented individuals were selected from an
exceptional pool of applicants.  Each reflects the depth of
expertise and commitment that forms the bedrock of our Division.
As a group they will bring great strength and stability to our
management team."

Paula Dubberly, Chief Counsel:  Ms. Dubberly succeeds Catherine
Dixon as Chief Counsel.  She will be responsible for managing the
operation of the Office of Chief Counsel and overseeing the
interpretation and application of the federal securities laws to
the Division's full disclosure program.  From 1989 to 1992, Ms.
Dubberly was associated with the law firm of Jones, Day Reavis &
Pogue in Cleveland, Ohio.  She joined the Division in 1992 as an
Attorney Advisor and in 1993 was promoted to the role of Special
Counsel.  From 1995 to 1996 she served as the Assistant Director
in charge of the office that reviewed filings by selected
industries, including asset backed securities and investment
banks.  From 1996 to the present, she has served as the Assistant
Director in charge of the Division's Office of Real Estate and
Business Services.  Ms. Dubberly graduated in 1989 from American
University, Washington College of Law where she was an editor of
The American University Law Review.  She graduated in 1983 with a
B.A. from George Washington University.

Elizabeth M. Murphy, Chief of the Office of Rulemaking:  In this
newly created position, Ms. Murphy will manage the office that is
responsible for preparing rules and interpretive guidance on
behalf of the Division.  Ms. Murphy joined the Division in 1986
as an Attorney Advisor and in 1987 was promoted to the position
of Special Counsel.  In 1996 she was made a Special Counsel in
the Office of the Chief Counsel.  Since January 2000 she has
served as Counsel to Commissioner Laura S. Unger.  Ms. Murphy
received her law degree from the University of Notre Dame Law
School in 1985.  She graduated in 1982 with a B.S. from the
University of Virginia.

Karen J. Garnett, Assistant Director (Disclosure Operations):
Ms. Garnett succeeds Paula Dubberly as the Assistant Director in
charge of the Division's Office of Real Estate and Business
Services.  From 1990 to 1994 Ms. Garnett was associated with the
Little Rock, Arkansas law firm of Wright, Lindsey & Jennings.
She joined the Commission in 1994 as an Attorney Advisor in the
Division of Investment Management.  Ms. Garnett joined the
Division of Corporation Finance in 1995 as an Attorney Advisor.
From 1998 to the present she has served as Special Counsel in the
Division's Office of Consumer Products and Utilities.  Ms.
Garnett graduated in 1990 from the University of Texas School of
Law.  She received her B.A. in 1986 from Dartmouth University.

Barbara C. Jacobs, Assistant Director (Disclosure Operations):
Ms. Jacobs succeeds James Daly as the Assistant Director in
charge of the Office of Computers and Online Services.  Ms.
Jacobs joined the Division in 1986 as an Attorney Advisor and was
promoted to the role of Special Counsel in the Office of
Disclosure Policy in 1989.  In 1993 she became the Deputy Chief
of the Office of Disclosure Policy.  From 1996 to the present she
has served as the Deputy Chief of the Office of Small Business.
Ms. Jacobs received an LLM in Securities Law from Georgetown
University Law Center in 1992.  She received her law degree from
the University of San Francisco School of Law in 1986.  Ms.
Jacobs graduated in 1983 from the University of California at
Berkeley with an A.B. in Economics.

Max A. Webb, Assistant Director (Disclosure Operations):  Mr.
Webb succeeds William Tolbert as the Assistant Director in charge
of the Office of Transportation and Leisure.  From 1984 to 1994,
Mr. Webb worked with various law firms and as the general counsel
of a public corporation.  He joined the Division in 1994 as an
Attorney Advisor.  From 1998 to the present he has served as
Special Counsel in the Office of Transportation and Leisure.  Mr.
Webb received his law degree in 1984 from Yale Law School.  He
received a Ph. D. in 1972 from Princeton University.  Mr. Webb
graduated in 1968 with a B.A. from Rice University.

James R. Budge, Senior Special Counsel (Disclosure Operations):
In this newly created position, Mr. Budge will act as a senior
legal advisor to all of Disclosure Operations and will work
closely with Associate Directors Shelley Parratt, William
Tolbert, and James Daly, who manage Disclosure Operations.  Mr.
Budge joined the Commission in 1987 as an attorney in the
Division of Market Regulation.  In 1990, he joined the
Corporation Finance Division as a Special Counsel in the Office
of Disclosure Policy.  From 1996 to the present, Mr. Budge has
served as Special Counsel in the Office of Small Business.  Mr.
Budge received his law degree in 1985 and his B.A. in 1982 from
Brigham Young University.

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