FOR IMMEDIATE RELEASE                                  98-55
                              
           Statement of SEC Chairman Arthur Levitt
       National Summit on Retirement Savings Delegate

     Washington D.C., June 4, 1998  --  "I am proud to serve
as a delegate to the first-ever National Summit on
Retirement Savings.  This summit presents an exciting
opportunity to raise public awareness about saving for
retirement, and to identify ways to encourage it.  For the
next two days, retirement security will be front page news.

     Wall Street has certainly had its share of headlines
lately.  One can hardly pick up a newspaper or magazine
without seeing yet another story prompted by the greatest
bull market in history.  The Dow has smashed one record
after another.  More Americans are invested than ever
before.  Mutual fund assets, at $5 trillion, are at an all
time high.

     But there's a troubling story with grave consequences
that's not making headlines.  For every American household
invested in the markets, another family has saved nothing at
all.

     At a time America's economic ship is steaming toward
the next century, millions are stranded at the dock, waving
good-bye to the American dream.

     According to the latest Retirement Confidence Survey,
nearly one-third of all working Americans are not yet saving
for retirement.  Millions more, meanwhile, have unrealistic
market expectations.  For example, one recent survey found
that mutual fund investors anticipate returns of more than
20 percent a year for the next decade.

     We are in the midst of a financial literacy crisis, and
many will pay a high price for their lack of financial
knowledge.

     It doesn't have to be that way.

     This Spring, the SEC and a national coalition of
federal and state government agencies, securities industry
associations, business groups, and consumer organizations
launched the Facts on Saving and Investing Campaign.  Our
goal is to motivate Americans to get the facts they need to
achieve financial security, and to give them the tools they
need to succeed.

     We created a Financial Facts Tool Kit, which the public
can order for free by calling 1-800-732-0330.  You can also
call that number to receive a free copy of the Ballpark
Estimate, a one-page worksheet developed by the American
Savings Education Council to help people calculate their
retirement savings needs.  The campaign also has a website:
<www.investoreducation.org>.

     We recently hosted a forum of the nation's leading
financial experts, seeking bold and imaginative ideas to
encourage saving and investing.  Suggestions included
reduced or waived fees for first time investors, increased
access to paycheck withholding for personal savings plans,
expanded minority outreach, and greater emphasis on
financial education in schools.

     Nothing outweighs the benefits of financial education,
especially when started early.  We need to reach young
minds, and introduce them to the financial facts of life--
the importance of saving, the high cost of debt, and the
miracle of compound interest.  Good financial habits,
learned early, will last a lifetime.

     Fortunately, excellent educational programs already
exist.  The Securities Industry Association's Stock Market
Game, for example, teaches students how to research real
companies and make investment decisions.  State securities
regulators recently launched Financial Literacy 2001, a
program to teach the financial fundamentals to graduating
high school seniors and their teachers.

     Investor education has been and will remain a priority
at the SEC.  I am convinced that educated investors are more
likely to achieve financial security, and better able to
protect themselves in the marketplace.  Earlier this week,
in Bloomington, Minnestota, the SEC hosted its 26th
Investors' Town Meeting.  More than 800 residents took time
from their busy schedules to attend.

     Much has been done, but much more remains to be
accomplished.  Too often, our collective efforts are
piecemeal at best.  We need a sustained, permanent effort.

     I hope this summit will create a blueprint for action,
outlining specific steps we can take to make the American
dream a reality for every American.  I am particularly
interested in programs in two areas--the schools and the
workplace, especially small business.

     I look forward to the next two days of discussions, and
the ideas that will emerge.  Together we can ensure safe
passage for every American to a future of retirement
security."


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