FOR IMMEDIATE RELEASE                                    2000-167

        Commission to Consider Adoption of Rules Governing
     Auditor Independence at Open Meeting on November 15, 2000

     Washington, DC, November 6, 2000 - Securities and Exchange
Commission Chairman Arthur Levitt today announced that the
Commission will consider adoption of rules governing auditor
independence at an open meeting on November 15, 2000 at 10 a.m.
EST.  Chairman Levitt issued the followed statement:

          The  Commission will hold an open meeting  on
          November  15,  2000 to consider  adoption  of
          rules  governing auditor independence.  After
          four  days  of public hearings, almost  3,000
          comment  letters, and months  of  discussions
          with those in the accounting profession,  the
          time has come for the Commission to act.
          
          In recent weeks, much progress has been made.
          The  rhetoric has died down and honest  ideas
          have  been exchanged.  The Commission's staff
          has heard the specific concerns of all of the
          Big  5  firms  and the AICPA.  I believe  the
          final  rule will reflect, to a great  extent,
          those  concerns.   And we are  still  talking
          with those who continue to have reservations.
          
          I  know some would prefer that the Commission
          postpone consideration of this issue for  six
          months.   While I respect the views of  those
          in Congress and in the profession who believe
          the  SEC  should  defer  its  rulemaking,   I
          believe delay will not serve the interests of
          America's investors.  Delay will not  add  to
          areas  of  agreement  or  resolve  areas   of
          difference.
          
          I  am hopeful all of the profession will join
          the   Commission  in  ensuring  that   public
          confidence in the numbers continues to be the
          wellspring of healthy, vibrant markets.

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