FOR IMMEDIATE RELEASE                                       98-75

   Annette L. Nazareth Named Senior Counsel to Chairman Arthur
                             Levitt

     Washington, DC, August 14, 1998 -- Securities and Exchange
Commission Chairman Arthur Levitt today announced that he has
named Annette Nazareth to be Senior Counsel in his office.  Ms.
Nazareth, who most recently was Managing Director at Salomon
Smith Barney, will join the Commission in early September.

     Chairman Levitt said, "I am especially pleased that Annette
has agreed to join our team.  Annette's great wealth of
experience coupled with her wisdom and knowledge of the markets
will be a great benefit to the Commission and to me personally.
I commend Annette for her willingness to leave the private sector
to serve her country and the interests of investors."

     As Senior Counsel to the Chairman, Ms. Nazareth will be a
key advisor to the Chairman on a range of market regulation,
municipal securities and compliance issues and will be
instrumental in the development of policy in these areas.

     Ms. Nazareth comes to the Commission with seventeen years of
experience in the securities industry.  Since 1997 Ms. Nazareth
was Managing Director and Deputy Head of the Capital Markets
legal group at Salomon Smith Barney.  In this capacity she
focused on the legal issues involving the sales and trading of
securities and derivatives and the origination of municipal,
asset-backed, mortgage-backed and structured products.  From 1994
to 1997 Ms. Nazareth was Senior Vice President at Lehman Brothers
Inc., where she was responsible for the Fixed Income Trading
group of the Legal and Compliance Department.  From 1986 to 1994
she was Managing Director at Mabon, Nugent & Co., where she
oversaw the legal, compliance and internal audit functions.  She
began her career in 1981 as an Associate at Davis Polk &
Wardwell.

     Ms. Nazareth, 42, is a Phi Beta Kappa graduate of Brown
University and earned her J.D. at Columbia University School of
Law.  She is married to Roger Ferguson, a Federal Reserve Board
Member.  They have two children.

                             #  #  #