Subject: File No. 4-557
From: James W. Humphries

April 22, 2008

Iím sending this e-mail in support of the above referenced proposed Customer Account Rule. There is no rational reason that all trades cannot be settled by T+3. There is no justification under federal securities law to allow security entitlements in lieu of actual securities to be credited to customer accounts. I personally have been denied the ability to vote shares held in a margin account as I did not receive the proxy materials, even though they were requested from my broker. The stock in question was on the Regulation Sho list. I can only conclude that my trading account contained security entitlements in lieu of the actual shares I had purchased and paid for in cash. The fact that you allow this practice to occur leads me to believe that your agency has become the captive of the various actors who engage in the practice of illegal naked shorting, much to the detriment of the retail holders of securities in public companies.