Release:                      #4231-99
For Release:                January 19, 1999

Chairperson Brooksley Born Announces Her Intention
Not to Seek Reappointment to a Second Term

Washington -- Chairperson Brooksley Born of the Commodity Futures Trading Commission today announced her intention not to seek reappointment to a second term but instead to resign at the end of her term in April or shortly thereafter. In announcing her intention, Chairperson Born stated: "I am extremely proud of the Commission's accomplishments over the last two and a half years. The Commission has undertaken a comprehensive regulatory reform program and has addressed a number of difficult issues facing the industry. The Commission is well prepared to move into the new millennium of financial regulation."

A copy of Chairperson Born's letter to President Clinton conveying her intentions is attached.

January 19, 1999

The Honorable William J. Clinton
President of the United States
The White House
Washington, D.C. 20500

Dear Mr. President:

The Office of Presidential Personnel has asked whether I would like to be nominated for a second term as Chairperson of the Commodity Futures Trading Commission. After careful consideration, I have decided that I would prefer to return to the private practice of law. Therefore, I plan to resign at the end of my term in April or shortly thereafter.

I greatly appreciate the opportunity you have provided me to make a contribution by performing government service. Your continuing confidence and support have meant a great deal to me, and it has been an honor to serve during your Administration.

Sincerely yours,

Brooksley Born

cc: Mr. Robert J. Nash
Assistant to the President and Director
Office of Presidential Personnel