<DOCUMENT>
<TYPE>EX-99.CERT
<SEQUENCE>2
<FILENAME>certs.txt
<DESCRIPTION>302 CERTS
<TEXT>
         CERTIFICATION PURSUANT TO RULE 30A-2(A) UNDER THE 1940 ACT AND
                      SECTION 302 OF THE SARBANES-OXLEY ACT

I, Donald F. Crumrine, certify that:

   1.  I have  reviewed this report on Form N-Q of Flaherty & Crumrine Preferred
       Income Opportunity Fund Incorporated;

   2.  Based on my knowledge,  this report does not contain any untrue statement
       of a  material  fact or omit to state a  material  fact necessary to make
       the   statements   made,   in  light  of  the circumstances  under  which
       such   statements   were  made, not misleading with respect to the period
       covered by this report;

   3.  Based on my knowledge,  the schedules of  investments  included  in  this
       report   fairly   present  in  all  material   respects  the  investments
       of  the  registrant  as  of  the  end of the fiscal quarter for which the
       report is filed;

   4.  The registrant's other certifying officer(s) and  I  are  responsible for
       establishing   and  maintaining   disclosure  controls and procedures (as
       defined  in Rule  30a-3(c)  under the Investment Company Act of 1940) and
       internal control over financial reporting (as defined under Rule 30a-3(d)
       under the  Investment  Company Act of 1940) for the registrant and have:

       (a)    Designed such disclosure  controls and procedures,  or caused such
              disclosure  controls  and  procedures  to be  designed  under  our
              supervision,  to ensure that material  information relating to the
              registrant, including its consolidated subsidiaries, is made known
              to us by others  within those  entities,  particularly  during the
              period in which this report is being prepared;

       (b)    Designed such internal control over financial reporting, or caused
              such  internal  control  over  financial  reporting to be designed
              under our supervision,  to provide reasonable  assurance regarding
              the  reliability  of financial  reporting and the  preparation  of
              financial  statements  for external  purposes in  accordance  with
              generally accepted accounting principles;

       (c)    Evaluated  the   effectiveness  of  the  registrant's   disclosure
              controls  and   procedures   and  presented  in  this  report  our
              conclusions about the effectiveness of the disclosure controls and
              procedures,  as of a date  within 90 days prior to the filing date
              of this report, based on such evaluation; and

       (d)    Disclosed in this report any change in the  registrant's  internal
              control  over  financial   reporting  that  occurred   during  the
              registrant's  most  recent  fiscal  quarter  that  has  materially
              affected,  or is  reasonably  likely  to  materially  affect,  the
              registrant's internal control over financial reporting; and

   5.  The registrant's other certifying  officer(s) and I have disclosed to the
       registrant's  auditors  and  the  audit  committee  of  the  registrant's
       board  of  directors  (or  persons  performing the equivalent functions):

<PAGE>

       (a)    All significant deficiencies and material weaknesses in the design
              or operation of internal  control over financial  reporting  which
              are reasonably likely to adversely affect the registrant's ability
              to record, process,  summarize,  and report financial information;
              and

       (b)    Any fraud,  whether or not material,  that involves  management or
              other  employees who have a significant  role in the  registrant's
              internal control over financial reporting.


Date:  APRIL 12, 2006        /S/ DONALD F. CRUMRINE
      ---------------        ---------------------------------------------------
                             Donald F. Crumrine, Director, Chairman of the Board
                             and Chief Executive Officer
                             (principal executive officer)


<PAGE>

         CERTIFICATION PURSUANT TO RULE 30A-2(A) UNDER THE 1940 ACT AND
                      SECTION 302 OF THE SARBANES-OXLEY ACT

I, R. Eric Chadwick, certify that:

   1.  I have  reviewed this report on Form N-Q of Flaherty & Crumrine Preferred
       Income Opportunity Fund Incorporated;

   2.  Based on my knowledge,  this report does not contain any untrue statement
       of a  material  fact or omit to state a  material  fact necessary to make
       the   statements   made,   in  light  of  the circumstances  under  which
       such   statements   were  made, not misleading with respect to the period
       covered by this report;

   3.  Based on my knowledge,  the schedules of  investments  included  in  this
       report   fairly   present  in  all  material   respects  the  investments
       of  the  registrant  as  of  the  end of the fiscal quarter for which the
       report is filed;

   4.  The registrant's other certifying officer(s) and  I  are  responsible for
       establishing   and  maintaining   disclosure  controls and procedures (as
       defined  in Rule  30a-3(c)  under the Investment Company Act of 1940) and
       internal control over financial reporting (as defined under Rule 30a-3(d)
       under the  Investment  Company Act of 1940) for the registrant and have:

       (a)    Designed such disclosure  controls and procedures,  or caused such
              disclosure  controls  and  procedures  to be  designed  under  our
              supervision,  to ensure that material  information relating to the
              registrant, including its consolidated subsidiaries, is made known
              to us by others  within those  entities,  particularly  during the
              period in which this report is being prepared;

       (b)    Designed such internal control over financial reporting, or caused
              such  internal  control  over  financial  reporting to be designed
              under our supervision,  to provide reasonable  assurance regarding
              the  reliability  of financial  reporting and the  preparation  of
              financial  statements  for external  purposes in  accordance  with
              generally accepted accounting principles;

       (c)    Evaluated  the   effectiveness  of  the  registrant's   disclosure
              controls  and   procedures   and  presented  in  this  report  our
              conclusions about the effectiveness of the disclosure controls and
              procedures,  as of a date  within 90 days prior to the filing date
              of this report, based on such evaluation; and

       (d)    Disclosed in this report any change in the  registrant's  internal
              control  over  financial   reporting  that  occurred   during  the
              registrant's  most  recent  fiscal  quarter  that  has  materially
              affected,  or is  reasonably  likely  to  materially  affect,  the
              registrant's internal control over financial reporting; and

   5.  The registrant's other certifying  officer(s) and I have disclosed to the
       registrant's  auditors  and  the  audit  committee  of  the  registrant's
       board  of  directors  (or  persons  performing the equivalent functions):

<PAGE>

       (a)    All significant deficiencies and material weaknesses in the design
              or operation of internal  control over financial  reporting  which
              are reasonably likely to adversely affect the registrant's ability
              to record, process,  summarize,  and report financial information;
              and

       (b)    Any fraud,  whether or not material,  that involves  management or
              other  employees who have a significant  role in the  registrant's
              internal control over financial reporting.


Date:  APRIL 12, 2006       /S/ R. ERIC CHADWICK
      ---------------       ----------------------------------------------------
                            R. Eric Chadwick, Chief Financial Officer, Treasurer
                            and Vice President
                            (principal financial officer)


</TEXT>
</DOCUMENT>
