January 23, 2003 --Judge William H. Webster, former FBI Director and CIA Director, and most recently Chairman of the new federal board, has resigned over controversy about his role as head of the audit committee of U.S. Technologies, Inc., which faces fraud accusations.

Webster was approved by the Securities and Exchange Commission under its’ Chairman Harvey Pitt. Pitt has since resigned over the Webster controversy. President Bush has recently announced his nomination to replace Pitt, William H. Donaldson, co-founder of Wall Street brokerage Donaldson, Lufkin & Jenrette, former CEO of the NYSE and former Chairman of Aetna, Inc.

Pending SEC selection of a replacement for Webster, an interim chairman may be named from the board’s four remaining members. The board’s first official meeting is scheduled for early January, where the board is expected to begin determining its’ specific activities.