We investigate the action of the magnetorotational instability (MRI) in the context of iron-core collapse. Exponential growth of the field on the rotation time scale by the MRI will dominate the linear growth process of field line wrapping with the same characteristic time. We examine a variety of initial rotation states, with solid body rotation or a gradient in rotational velocity, that correspond to models in the literature. A relatively modest value of the initial rotation, a period of ~ 10 s, will give a very rapidly rotating PNS and hence strong differential rotation with respect to the infalling matter. We assume conservation of angular momentum on spherical shells. Results are discussed for two examples of saturation fields, a fiducial field that corresponds to Alfven velocity = rotational velocity and a field that corresponds to the maximum growing mode of the MRI. Modest initial rotation velocities of the iron core result in sub-Keplerian rotation and a sub-equipartition magnetic field that nevertheless produce substantial MHD luminosity and hoop stresses: saturation fields of order 10^{15} - 10^{16} G develop within 300 msec after bounce with an associated MHD luminosity of about 10^{52} erg/s. Bi-polar flows driven by this MHD power can affect or even cause the explosions associated with core-collapse supernovae.