FOR IMMEDIATE RELEASE                              2002-51
                                                         
                              
         GIOVANNI PREZIOSO NAMED SEC GENERAL COUNSEL

     
     Washington, D.C., April 3, 2002 - Securities and
Exchange Commission Chairman Harvey L. Pitt announced today
that the Commission has named Giovanni P. Prezioso to serve
as general counsel, the Commission's chief legal officer and
adviser.

     Prezioso, 44, is a partner in the Washington office of
the international law firm of Cleary, Gottlieb, Steen &
Hamilton, where he has developed extensive securities law
experience representing broker-dealers, banking
institutions, investment managers and financial market trade
associations.

     “The investing public and the Commission will be
incomparably represented by Giovanni, who has had remarkably
broad experience in the private sector and who has
demonstrated unparalleled creativity, thoughtfulness,
intellectual excellence and sound practical wisdom,” Pitt
said. “We are very fortunate to have attracted someone of
his unique talents.”

     Prezioso joined Cleary, Gottlieb as an associate in
1982, after receiving his law degree magna cum laude from
Harvard Law School. He became a partner in the law firm in
1991. He received his bachelor's degree from Harvard College
in 1979.

     “The Commission's critical role in sustaining
confidence in the U.S. and global securities markets has
rarely been greater than today,” Prezioso said. “Chairman
Pitt's commitment to this mission, and his record of
leadership and integrity, make this a compelling opportunity
for me, with unique and irresistible appeal.  I am honored
that the Commission has invited me to play a part in
addressing the many major issues of national and
international significance currently on its agenda."

     Prezioso will succeed David M. Becker, who has
announced his intention to return to the private practice of
law. Becker will leave the Commission on May 7, 2002.  He
was named general counsel in December 1999.

      “David has served three chairmen with distinction, and
has been the guiding intellectual and pragmatic force behind
every major Commission initiative over the period of his
tenure here,” Pitt said.  "I cannot imagine having had
better professional counsel or a closer personal
relationship with an outstanding colleague, lawyer and
friend. We will all miss David and his intellect; I will
also miss being buoyed by his wonderful sense of humor. We
wish him the very best in his new endeavors."

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