FOR                     IMMEDIATE                    RELEASE
2001-95


        Robert K. Herdman Is New SEC Chief Accountant
     
     Washington,  D.C.,  September 19,  2001  -  We  proudly
announce  that, on October 8, 2001, Robert K.  Herdman  will
become  our Chief Accountant.  The Chief Accountant oversees
and  directs  all  our  accountants  and  accounting-related
efforts,  and  interfaces  with national  and  international
accounting communities.  In addition, Mr. Herdman will  lead
us  in revising and modernizing our accounting and financial
disclosure  system.  He will also be a principal advisor  in
developing  the  U.S.'s  policy on international  accounting
standards.

     Mr. Herdman is uniquely qualified for his new position.
He  has  been a Certified Public Accountant since 1971,  and
has  spent 28 of the last 32 years with Ernst & Young.   Mr.
Herdman currently is Vice-Chair of his firm, overseeing  the
professional practice of its Americas Assurance and Advisory
Business Services.  At Ernst & Young, he has been the senior
partner  responsible for the firm's relationships  with  the
SEC,  the  Financial  Accounting Standards  Board,  and  the
American Institute of Certified Public Accountants.

     Mr.  Herdman has been active at the highest  levels  of
the   accounting  profession's  professional  organizations.
Among  other  distinctions, on October 1, 2001, Mr.  Herdman
was  to  chair  the  AICPA's SEC Practice Section  Executive
Committee.  From 1986-1992, Mr. Herdman was a member of  the
FASB's  Emerging Issues Task Force.  He served on our  Staff
as  a Professional Accounting Fellow from 1982 to 1984.  Mr.
Herdman  was   Controller  of a Fortune  1000  manufacturing
company  from  1974 to 1976.  His career began  at  Ernst  &
Young  in  1969,  after he received his B.S.C.  from  DePaul
University with highest honors.

     Chairman  Harvey Pitt said, "I am enormously  gratified
Bob  Herdman  will be our Chief Accountant.   His  depth  of
experience,  in  the accounting profession, in  the  private
sector, and at the Commission, means he is most qualified to
serve  in  this critical position.  He will be a  tremendous
resource to us, and will guide us through difficult national
and   international  financial  disclosure  and   accounting
judgments.   Because of his public stature, Bob  Herdman  is
particularly well-suited to ensure effective and cooperative
relations   between  the  Commission  and   the   accounting
profession.   Especially  in these  difficult  times,  I  am
extremely  pleased that Bob is willing to assume the  mantle
of public service."

     Mr. Herdman said, "I am pleased to have the opportunity
to  serve  the public interest in this vital position.   The
challenges ahead are exciting, and I look forward to working
closely   with   the  Commission  on  behalf  of   America's
investors."