FOR IMMEDIATE RELEASE                              2000-88

SEC Approves Issuance of Auditor Independence Rule Proposal

Washington, D.C., June 27, 2000 -- The Securities and
Exchange Commission today approved the issuance of a rule
proposal to modernize the rules governing auditor
independence.  Following publication in the Federal
Register, the public is encouraged to submit comments to the
Commission in a 75-day comment period, which will include
public hearings.

The proposal will be posted on the SEC website as soon as
it is finalized   In the meantime, the following explanatory 
materials are available at www.sec.gov:

  *  Statement by SEC Chairman Arthur Levitt 
     (http://www.sec.gov/news/extra/audalvt.htm);

  *  Fact Sheet
     (http://www.sec.gov/news/extra/audfact.htm); and

  *  Background Materials
     (http://www.sec.gov/news/extra/audback.htm)