FOR IMMEDIATE RELEASE                                  98-43

          Colleen Mahoney Named Acting General Counsel


     Washington, D.C., April 29, 1998 -- Securities and Exchange
Commission Chairman Arthur Levitt today named Colleen P. Mahoney
Acting General Counsel.  Ms. Mahoney, currently the Commission's
Deputy Enforcement Director, will leave that post on May 11, 1998
and serve as General Counsel until a permanent General Counsel is
named.  Ms. Mahoney succeeds Richard Walker, who will take over
the Commission's Division of Enforcement on May 5, 1998.

     SEC Chairman Arthur Levitt said, "I am delighted that
Colleen has agreed to serve as the Commission's top legal
advisor.  In her 15 years at the Commission, Colleen has
distinguished herself in every position that she has held.
Colleen is a superb lawyer whose intellectual abilities are
matched by her common sense and practical skills.  Her guidance
on any number of upcoming securities and legislative issues will
be invaluable to me and my fellow Commissioners."

     Since 1994, Ms. Mahoney has served as the Deputy Director of
the Division of Enforcement.   Prior to that, Ms. Mahoney served
as Executive Assistant to Chairman Levitt; Chief Counsel of the
Division of Enforcement; and as Assistant General Counsel.  From
1981 to 1983, Ms. Mahoney was a litigation attorney at Steptoe &
Johnson in Washington, DC.

     In 1996, Ms. Mahoney received the Presidential Rank Award
for Distinguished Service, and the SEC Chairman's Award for
Excellence in 1991.  Ms. Mahoney is a summa cum laude graduate of
the American University Law School, and a magna cum laude
graduate of the American University School of Government and
Public Administration.

     After a permanent General Counsel is named, Ms. Mahoney, as
previously announced, intends to leave the Commission and return
to private practice.

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