April 12, 2008
I am writing to SUPPORT the above named petition.
It is my observation that under the Administration of George W. Bush, government "by the people and for the people" has become severly compromised. Recent news stories regarding repeated failures and coverups, by appointed officials at agencies like the FAA, the FDA, and yes, the SEC, give evidence to this theory.
In regard to the petition to the SEC, enacted laws on the books must be adhered to stringently. The SEC, evidently 100% beholden to "Wall Street", now proposes to authorize market participants to redine the term "security" in customer accounts past the legally-defined settlement cycle as defined in federal securities laws.
Technology should enable the settlement cycle to be decreased - not increased - yet the market participants fail to deliver at record levels. Why?
Furthermore, the SEC is violating Section 6 (b)(5) of the Securities Exchange Act of 1934, which prohibits discriminating against retail investors.
The SEC has failed and continues to fail their sworn duty to protect the interests of investors. Serious change is needed NOW.