Nomination of James G. Stearns To Be a Member of the Board of Directors of the Securities Investor Protection Corporation

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 the remainder of the term expiring December 31, 1982. The President also intends to designate Mr. Stearns Chairman. He would succeed Hugh F. Owens.

Mr. Stearns is currently Director, Office of Alcohol Fuels, Department of Energy. He was secretary of agriculture and services, State of California, and a member of then-Governor Reagan's cabinet in 1972-75. Previously he was director, department of conservation, State of California, in 1967-72, and Modoc County, California, supervisor. He has also been a self-employed farmer and rancher.

He attended Oregon State College and served in the U.S. Army Air Corps during World War II. He is married, has three children, and resides in Arlington, Va., and Reno, Nev. He was born January 29, 1922, in Lapine, Oreg.