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U.S. Securities and Exchange Commission

Chairman Levitt Praises
Former Chairman Ruder’s Efforts
To Educate Mutual Fund Directors

FOR IMMEDIATE RELEASE

2001-3

Washington, D.C., January 5, 2001 – Securities and Exhange Commission Chairman Arthur Levitt today praised former SEC chairman David Ruder and the Mutual Fund Director's Education Council for their efforts to educate mutual fund directors. The Council announced its Second Annual Policy Conference: "Crucial Issues for Investment Company Directors – 2001," which is scheduled for January 11-12 at the Wyndham City Center in Washington, DC. A number of senior SEC officials will speak at the conference.

Chairman Levitt said, "I commend Chairman Ruder and the Education Council for their efforts to educate mutual fund directors, particularly independent directors. Consistent with his efforts while Chairman of the Commission, Chairman Ruder continues to focus on the needs of investors. The Education Council is an important tool to empower mutual fund directors in their critical role as watchdogs for fund shareholders."

The role of independent directors of mutual funds is an important issue for the Commission. On January 3, 2001, the Commission announced its approval of a comprehensive rulemaking package that significantly strengthened the role of mutual fund directors. The rulemaking package is posted on the Commission's website at: http://www.sec.gov/rules/final/34-43786.htm.

Information regarding the Second Annual Policy Conference, including a schedule of SEC speakers, can be obtained by contacting R.A. Pete Wentz, Planning Director, Northwestern University School of Law, at (312) 503-1828.

http://www.sec.gov/news/headlines/lpruder.htm

Modified:01/05/2001