<DOCUMENT>
<TYPE>EX-99.CERT
<SEQUENCE>2
<FILENAME>exh302.txt
<DESCRIPTION>EXHIBIT TO SECTION 302 OF SOA
<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 in 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

<PAGE>

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):

      (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: October 16, 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 in 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

<PAGE>

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):

      (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: October 16, 2007               /s/ R. Eric Chadwick
                                     -------------------------------------------
                                     R. Eric Chadwick, Chief Financial Officer,
                                     Treasurer and Vice President
                                     (principal financial officer)
</TEXT>
</DOCUMENT>
