Nancy Morris To Become Secretary of U.S. Securities and Exchange Commission

FOR IMMEDIATE RELEASE
2005-174

Washington, D.C., Dec. 7, 2005 - U.S. Securities and Exchange Commission Chairman Christopher Cox announced today that Nancy Morris would become Secretary of the Commission after long-time Secretary Jonathan Katz retires in January.

"The Secretary is at the heart of Commission operations," Chairman Cox said. "The Office of the Secretary is officially responsible for coordinating the work of five commissioners, but the judgment and advice rendered by Jack Katz in his 23 years of service to seven chairmen have established a far higher standard. Nancy's experience, inside and outside the Commission, will help us maintain that standard."

SEC Secretary Jonathan Katz added, "Nancy has broad experience both at the Commission and in the securities industry. Wherever she has worked she has been highly successful and recognized both for her legal abilities and her ability to work effectively with others. I have known Nancy for more than twenty years. She is a person with great ability and excellent judgment. Chairman Cox has chosen someone who will be an asset to the Commission. I feel honored to have someone of Nancy's caliber succeed me."

Mr. Katz's retirement plans were announced in March. He will serve until Jan. 3, 2006.

"One of Jack's lasting legacies will be the SEC's well-deserved stature as one of the premier federal agencies," said Nancy Morris. "With more than half of American households invested in the markets, the Commission's importance can only grow. I am excited about taking on this new role, and I look forward to the challenges that lie ahead."

Morris is currently an Attorney-Fellow in the SEC's Division of Investment Management. She has served in that capacity since May 2004, and is responsible for developing rules, interpretations, policy, and research to support Commission action.

Morris is in her second tour of duty at the SEC. From 1985 until 1992, she served as an attorney in the Office of General Counsel (1985-1987), Counsel to Commissioner Joseph Grundfest (1987-1988), and Deputy Chief Counsel for the Division of Investment Management (1988-1992). Her responsibilities included legislation, policy, and regulations related to the Investment Company Act and the Investment Advisers Act; coordination of the Investment Management Division's international program; and legal analysis of the Administrative Procedures Act and Freedom of Information Act, key laws governing the Commission.

In the private sector, Morris served more than a decade as Vice President and Associate Legal Counsel to T. Rowe Price Associates, and prior to that as an attorney for Fidelity Investments. At T. Rowe Price, she was responsible for domestic separate account and international legal and global compliance operations. At Fidelity, she formulated compliance and disclosure policies for mutual funds.

Morris was an associate for Washington, D.C.'s Sutherland, Asbill & Brennan, from 1983 until she joined the SEC in 1985.

Morris holds a J.D. from the University of Idaho College of Law, where she was Editor-in-Chief of the Idaho Law Review, and a B.A. (cum laude) from Hartwick College. She is a Member of the District of Columbia Bar.

http://www.sec.gov/news/press/2005-174.htm