Proposal To Modernize Auditor Independence Rules Available On SEC Website

FOR IMMEDIATE RELEASE

2000-90

First Public Hearing To Be Held July 26, 2000

Washington, D.C., June 30, 2000 – The Securities and Exchange Commission today announced that its proposal to modernize the current rules governing auditor independence is now available on the Commission’s website at www.sec.gov/rules/proposed/34-42994.htm.

The Commission also will hold its first public hearing on the proposed rules on Wednesday, July 26, 2000. Details on format, participants, and testimony presentation will be available soon.