FOR IMMEDIATE RELEASE                                  98-62

Howard L. Kramer, Senior Associate Director of the Division
of Market Regulation,
      To Leave the Commission After 16 Years of Service

     Washington D.C., June 25, 1998 - Howard L. Kramer,
Senior Associate Director of the Securities and Exchange
Commission's Division of Market Regulation, today announced
that he will leave the Commission in late July to become a
partner with the law firm of Schiff Hardin & Waite.  Mr.
Kramer will practice in the firm's Washington, D.C. office.
     
     Mr. Kramer, 43, joined the Commission's Division of
Market Regulation in 1981 and has served as Associate
Director and then Senior Associate Director for the past 4-«
years.   In that position, he has been responsible for the
oversight and regulation of the securities markets,
including the securities exchanges, over-the-counter market,
and securities derivatives markets.  Among his many
accomplishments, Mr. Kramer directed the Market 2000 Study
on the structural and competitive issues in the equity
markets.  He also assisted the Derivatives Policy Group in
formulating the 1995 Framework for Voluntary Oversight of
OTC Derivatives Activities.  More recently, he has managed
the SEC's efforts to secure agreement by the securities
markets to move to decimal pricing and to overhaul circuit
breakers.  He has served as SEC liaison to the President's
Working Group on Financial Markets, Year 2000 task forces,
and international derivative regulators groups.
     
     Mr. Kramer has received numerous awards and honors for
his work at the SEC.  These include the Presidential Award
for Meritorious Service (nominated - 1998), SEC
Distinguished Service Award (1997), SEC Capital Markets
Award (1994), and SEC Supervisory Excellence Award (1990).
     
     In announcing his plans to leave the Commission, Mr.
Kramer said, "I am very honored to have had the opportunity
to serve the Commission.  The fascinating array of issues,
talented professionals, and vibrant markets has made my
tenure at the SEC an extremely rewarding personal and
professional experience.  I am particularly privileged to
have served under Chairman Levitt and been the recipient of
his wisdom, leadership, and confidence."
     
     SEC Chairman Arthur Levitt said, "Howard Kramer has
given 16 years of dedicated service to the agency and our
country.  He has the rare combination of market knowledge,
legal skills, and common sense that has earned the respect
of his colleagues at the Commission, other regulators, and
the industry.  He has exhibited the highest commitment to
fair, open and competitive markets.  We will all miss his
intelligent and sound approach to securities market
regulation.  I will personally miss his wisdom and good
judgment that have made him a key member of the most
important market regulation initiatives undertaken by the
Commission during my tenure."

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