Nomination of Frank G. Zarb To Be a Director of the Securities Investor Protection Corporation

The President today announced his intention to nominate Frank G. Zarb to be a Director of the Securities Investor Protection Corporation for a term expiring December 31, 1989. He would succeed James W. Fuller.

Since 1978 Mr. Zarb has been a senior partner with Lazard Freres and Company in New York, NY. Prior to this, he served concurrently as Administrator for the Federal Energy Administration in Washington, DC, 1974-1977; Executive Director of the Energy Resources Council; and Assistant to the President of the United States for Energy Affairs, 1974-1977. Mr. Zarb was Associate Director of the Office of Management and Budget in Washington, DC, 1973-1974. He also served as Assistant Secretary at the Department of Labor in Washington, DC, 1971-1972.

Mr. Zarb graduated from Hofstra University (B.B.A., 1957; M.B.A., 1961). He was born February 17, 1935, in Brooklyn, NY. He served in the U.S. Army, 1957, and the U.S. Army Reserve, 1957-1964. Mr. Zarb is married, has two children, and resides in New York, NY.