NEWS BRIEFING ADVISORY


              CHAIRMAN LEVITT AND PAUL MACO TO
           CONDUCT NEWS BRIEFING ON "PAY-TO-PLAY"
                              
                                                            
                              

For Immediate Release                                97-65

                                     Contact: Chris Ullman
                                             (202)942-0020

July 29, 1997


WHAT:  Securities and Exchange Commission Chairman Arthur
       Levitt and Paul Maco, director of the Office of
       Municipal Securities, will conduct a news briefing
       on the Chairman's efforts to stop "pay-to-play" by
       lawyers in the municipal bond business.

       "Pay-to-play" is the practice of lawyers making
       political contributions to influence the awarding of
       municipal bond work.

       At its annual meeting in San Francisco on August 5,
       the American Bar Association will consider a
       proposal that denounces "pay-to-play" and calls for
       its elimination.  Chairman Levitt will address the
       ABA House of Delegates prior to the vote.

WHEN:  Wednesday, July 30, 1997, 2:15 p.m.

WHERE: U.S. Securities and Exchange Commission, 450 Fifth
       Street, NW, Washington, DC, Open Commission Meeting
       Room (1C30)

TELECONFERENCE:

       For those unable to attend the briefing, call Duncan
       King at 202.942.0020 for teleconferencing
       information.