FOR IMMEDIATE RELEASE                                       99-84

    Joseph C. Lombard Named Counsel to Chairman Arthur Levitt

     Washington, DC, July 26, 1999 - Securities and Exchange
Commission Chairman Arthur Levitt today announced that Joseph C.
Lombard has been named Counsel to the Chairman.  Mr. Lombard, 35,
succeeds Annette Nazareth, who was recently named Director of the
Commission's Division of Market Regulation.  Mr. Lombard will
advise the Chairman on a range of market regulation issues.

     Chairman Levitt said, "I am quite pleased that Joe has
become a part of our team.  Joe has a tremendous depth of
knowledge of the securities industry and has a keen understanding
of the markets.  I am confident his insight and skills will be of
great benefit to the Commission.  This is a particularly exciting
time in the area of market regulation and Joe will play an
important role in the Commission's activities in overseeing this
area."

     Mr. Lombard comes to the Commission from O'Melveny & Myers
LLP in Washington, DC where he served as Special Counsel from
February 1998 to July 1999 and as an Associate from April 1995 to
January 1998.  From September 1993 to March 1995 he practiced at
a small firm in Richmond, Virginia.  While in private practice,
Mr. Lombard counseled investment advisers and broker-dealers
regarding compliance with various aspects of the securities laws.
Mr. Lombard began his legal career as a Staff Attorney in the
Securities and Exchange Commission's Enforcement Division where
he worked from September 1990 to September 1993.  Mr. Lombard has
been an Adjunct Professor at Georgetown University Law Center
since 1996.

     Mr. Lombard earned his J.D. from Georgetown University Law
Center, cum laude, in 1990, his M.Sc. (Econ.), with distinction,
from the London School of Economics in 1987, and his A.B. from
Georgetown University College of Arts and Sciences, cum laude, in
1986.

                             #  #  #