Nomination of James G. Stearns To Be a Director of the Securities Investor Protection Corporation, and Designation as Chairman

The President today announced his intention to nominate James G. Stearns to be a Director of the Securities Investor Protection Corporation for a term expiring December 31, 1991. This is a reappointment. Upon appointment, he will be redesignated Chairman.

Since 1975 Mr. Stearns has been a self-employed rancher and farmer in Nevada and Oregon. He was also director of the Office of Alcohol Fuels at the Department of Energy in Washington, DC, in 1981.

Mr. Stearns was born January 29, 1922, in Lapine, OR. He served in the United States Army Air Corps, 1942-1945. He is married, has three children, and resides in Reno, NV.