FOR IMMEDIATE RELEASE 99-130 SEC Chairman Arthur Levitt Praises Formation of the Mutual Fund Directors Education Council Washington, DC, October 13, 1999 -- Securities and Exchange Commission Chairman Arthur Levitt today praised the creation of the Mutual Fund Directors Education Council, which will be chaired by former SEC Chairman David S. Ruder and administered by Northwestern University. The Council was created in response to Chairman Levitt's call for improved fund governance. The Council will foster and seek to encourage the development of programs to promote a culture of independence and accountability in fund boardrooms. Chairman Levitt said, "I am pleased that the Council plans to encourage programs to help independent fund directors better understand the scope of their authority and responsibilities, and thereby enhance their ability to safeguard shareholders' interests. This effort will be an important addition to the efforts of others, such as the Investment Company Institute, to encourage the education of fund directors. I also want to offer my personal thanks to Professor Ruder for his support of the Council. Since his very distinguished tenure as SEC Chairman, he has remained tirelessly committed to initiatives that serve the interests of investors and contribute to better markets." Chairman Levitt has asked the staff of the Commission to support the Council as it pursues its goals and has requested that Commissioner Norman S. Johnson, who will be an advisory member of the Council, oversee the Commission staff's efforts in this regard. Commissioner Johnson said, "It is important that the Commission undertake efforts to support independent fund directors. I look forward to working with members of the Council in seeking ways to address the informational and educational needs of fund directors." # # #