THE WHITE HOUSE

Office of the Press Secretary

PRESIDENT NAMES WALLMAN TO S.E.C.

President Clinton today announced his intention to nominate Washington attorney Steven M.H. Wallman to be a member of the Securities and Exchange Commission.

"Steven Wallman has long been recognized as a leading expert on securities law, and has been actively engaged in the fight for sensible regulation in that area," said the President. "He will make an excellent addition to the S.E.C."

Wallman is a partner in the law firm of Covington and Burling, where he has worked since 1978. His practice there has focused on general corporate, securities, contract and business law. Wallman created legislation -- which was enacted in Pennsylvania and Ohio -- designed to deter short-term corporate "raiding" activities, and co-authored the first law in the United States (which has since been adopted in varying forms by more than half the states) to expressly permit corporate directors to take into account the interests of employees and communities. In addition, he served as general counsel and director to a national coalition of companies acting together in conjunction with the National Association of Manufacturers, National Association of Attorneys General, National Conference of State Legislatures and other groups working to deter abusive hostile takeover tactics.

A resident of Great Falls, Virginia, Wallman earned his bachelor's degree from the Massachusetts Institute of Technology, master's from M.I.T.'s Sloan School of Management, and J.D. from the Columbia University School of Law. He is forty years old and married.

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