<DOCUMENT>
<TYPE>EX-99.CERT
<SEQUENCE>2
<FILENAME>certs302.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 23, 2007         /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 23, 2007        /S/ R. ERIC CHADWICK
      -----------------     ----------------------------------------------------
                            R. Eric Chadwick, Chief Financial Officer, Treasurer
                            and Vice President
                            (principal financial officer)


</TEXT>
</DOCUMENT>
