Release: 3889-96

For Release: January 29, 1996


WASHINGTON -- The Commodity Futures Trading Commission (CFTC) today announced that Commissioner John E. Tull, Jr. has been elected to serve as Acting Chairman effective immediately. Commissioner Tull was nominated to the CFTC by President Bill Clinton and confirmed by the Senate in November 1993 to a term ending in April 1998.

Commissioner Tull will succeed Chairman Mary L. Schapiro who resigned effective January 26, 1996. Chairman Schapiro will be leaving the CFTC to head the newly created arm of the National Association of Securities Dealers called NASD Regulation, Inc.

In assuming the office of Acting Chairman, Tull stated:

"I would like to express my sincere appreciation to Chairman Schapiro who has provided the CFTC with strong leadership during a tumultuous time. Chairman Schapiro has contributed greatly to the CFTC's reputation as a fair but firm overseer of U.S. futures markets and a leader in the development of futures markets around the world.

As I assume the duties of Acting Chairman, I look forward to working closely with my good friends and esteemed colleagues, Commissioners Barbara Pederson Holum and Joseph B. Dial. It is my firm belief that an organization is only as good as its parts, and I am convinced that with the assistance and support of my fellow Commissioners and the CFTC's highly dedicated and professional staff, the Commission's mission to ensure the viability and the integrity of U.S. futures markets will continue unabated. I look forward to the challenging work ahead."