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

The President today announced his intention to nominate James G. Stearns to be a member of the Board of Directors of the Securities Investor Protection Corporation for a term expiring December 31, 1988. This is a reappointment, and upon confirmation, he will be redesignated Chairman.

Since 1982 Mr. Stearns has been Chairman of the Securities Investor Protection Corporation in Washington, DC. He was Director, Office of Alcohol Fuels, Department of Energy, 1981-1982; owner of a farm in Reno, NV, 1977-1981; owner of Stearns Polled Herefords at Lapine and Terrebonne, OR, 1975-1977; secretary of agriculture and services, State of California, 1972-1975; and director, department of conservation, State of California, 1967-1972.

Mr. Stearns attended Oregon State University (1940-1942). He has three children and resides in Reno, NV. He was born January 29, 1922, in Lapine, OR.