FOR IMMEDIATE RELEASE                                    2001-17

SEC Chairman Arthur Levitt Congratulates IASC on Selection of New
                          Board Members
                                
     Washington, DC, January 25, 2001 -- Securities and Exchange
Commission Chairman Arthur Levitt today congratulated the
International Accounting Standards Committee (IASC) on the
selection of the members who will serve on the new IASC Board.
The IASC is an organization, based in London, charged with
developing global accounting standards.

     In January 2000, Chairman Levitt was appointed as Chairman
of the Nominating Committee to select IASC Trustees to oversee
the newly restructured organization.  In May 2000, the Nominating
Committee announced the selection of the new IASC Trustees,
including naming Paul A. Volcker, former Chairman of the U.S.
Federal Reserve Board, as the Chair.   Shortly afterward, the
IASC Trustees announced their intention to appoint Sir David
Tweedie, Chair of the United Kingdom's Accounting Standards
Board, as Chairman of the new IASC Board.  Today's announced
appointments complete the selection of the IASC Board members.

     Chairman Levitt said, "I commend the IASC Trustees for
selecting this group of most capable and experienced individuals
to be the first members of the new IASC Board.  Strong and
resilient capital markets cannot function without high quality
information.  Efficient capital allocation depends on accurate,
timely and comparable financial reporting.  The Board members who
have been appointed today carry an enormous public service
responsibility.  It is up to them, working in cooperation with
our U.S. Financial Accounting Standards Board and other
accounting standards setters, to create global accounting
standards that will support effectively the imperatives of a
global marketplace.  I congratulate and thank Paul Volcker, David
Tweedie, and each of the new IASC Board members for their
commitment to setting accounting standards in the public
interest."

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