FORM 10Q 2Q03 8/7/03 EXHIBIT 99.1

EXHIBIT 99.1

Effective July 28, 2003

MERRILL LYNCH & CO., INC.
PUBLIC POLICY AND
RESPONSIBILITY COMMITTEE
OF THE
BOARD OF DIRECTORS


PURPOSE
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To assist the Board of Directors and Senior Management in overseeing the
Corporation's fulfillment of its Principles of Respect for the Individual,
Teamwork, Responsible Citizenship and Integrity by reviewing and, where
appropriate, making recommendations about:

o The Corporation's policies and actions as they relate to the above
Principles
o The Corporation's political and charitable contributions policies and
practices
o The Corporation's policies and actions as they relate to social and public
policy issues that affect the Corporation's business

throughout the world.


MEMBERSHIP
----------

The Committee shall be composed of not fewer than three directors, none of whom
shall be, or within one year of appointment, shall have been, employees of the
Corporation. However, if a vacancy occurs, the Committee is authorized to
continue to exercise its authority with fewer than three directors, but not less
than two, until such time as the Board of Directors fills such vacancy. The
Board of Directors may designate alternate members of the Committee. The Chair
of the Committee shall be appointed by the Board of Directors.


AUTHORITY STATEMENT
-------------------
To review and make recommendations concerning:

o The Corporation's policies and business activities in light of the
Corporation's Principles of Respect for the Individual, Teamwork,
Responsible Citizenship and Integrity.


o The Corporation's policies and actions as they relate to social and public
policy issues.

o The Corporation's business policies and practices relative to the Foreign
Corrupt Practices Act and similar laws worldwide.


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To review and oversee:
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o The Corporation's charitable contribution policies and practices in all
areas.
o The Corporation's political contribution policies and practices worldwide,
including direct contributions by the Corporation and its subsidiaries,
contributions by the Corporation's political action committee and, where
regulatory considerations apply, direct employee contributions.

Any matter relating to the foregoing which is referred to the Committee by the
Board of Directors or any other committee thereof.

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