FOR IMMEDIATE RELEASE                                  97-59


    Chairman Arthur Levitt Issues Challenge to SEC Staff
       to Heighten Awareness of Need for Plain English
                              
            Levitt says, "Gobbledygook Must Go!"


     Washington, DC,  July 16, 1997 --  Chairman Arthur
Levitt today issued a challenge to all SEC employees to find
the worst piece of "gobbledygook" and transform it into
plain English.  The "before" language can originate either
from within the SEC or from a document submitted to the
Commission by the public.  A $250 U.S. Savings Bond will be
awarded for the best entry.

     Chairman Arthur Levitt said, "What is the point of
disclosure if the people who need it most don't understand
it?  This contest will heighten the awareness of everyone at
the SEC that communicating in plain English is the best way
to serve investors. Gobbledygook must go!"

     The passage should be translated into plain English
using the new Plain English Handbook:  How to Create Clear
SEC Disclosure Documents, which is issued by the Office of
Investor Education and Assistance.  The handbook can be
obtained from our website at www.sec.gov and the Office of
Investor Education and Assistance at (202) 942-7040.

     The entries are due by August 22.  A sampling of the
best submissions will be displayed in the Lobby of the SEC
at 450 Fifth St., N.W.  The top translation will be used in
future editions of the SEC's Plain English Handbook as an
example of how even the most confusing jargon can be easily
understood.


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