FOR IMMEDIATE RELEASE                             98-45

OFFICE OF THE CHIEF ACCOUNTANT SELECTS THREE PROFESSIONAL
ACCOUNTING FELLOWS

     Washington, D.C., May 6, 1998 -- The Securities and
Exchange Commission's Office of the Chief Accountant
recently selected Eric W. Casey, Pascal Desroches, and Paul
R. Kepple to serve as Professional Accounting Fellows for
two-year terms beginning in June 1998.  Currently, Mr. Casey
and Mr. Desroches are Senior Managers in KPMG Peat Marwick
LLP's Department of Professional Practice in New York, and
Mr. Kepple is a Senior Manager in the national office of
Price Waterhouse LLP in Stamford, Connecticut.  Messrs.
Casey, Desroches, and Kepple will join the current
Professional Accounting Fellows -- Mr. Jeffrey N. Jones, Mr.
D.J. Gannon, and Mr. Robert Uhl.  They will replace outgoing
Professional Accounting Fellows Ms. Donna L. Coallier, Mr.
Armando Pimentel, and Mr. Cody L. Smith.

     At the Commission, the newly selected Professional
Accounting Fellows will work with the Chief Accountant and
will be involved in the study and development of rule
proposals under the federal securities laws, liaison with
the professional accounting and auditing standards-setting
bodies, and consultation with registrants on accounting and
reporting matters.  According to Ms. Jane B. Adams, Deputy
Chief Accountant, "The Professional Accounting Fellowship
Program, which began in 1972, has been a tremendous success.
The Fellows are outstanding accountants who bring to the
Commission a fresh perspective and foster better
communications between the Commission and the private
sector."