Subject: File No. 4-606
From: Richard L Budelman
Affiliation: Financial Services Representative

August 12, 2010

The responsibilities of the Financial Services Representative are covered now completely by the compliance departments of the entities we work for and with. There need not be an additional fiduciary watchdog after the fact which does NOTHING to help the consumer but rather adds another layer of confusion to a system that currently protects the consumer PERFECTLY from a compliance and protection standpoint.
I have been in this business for 27 years and I can tell you that there has never been more protection for the consumer, and this idea that we need more overseers seems like it was cooked up by lawyers looking for someone else to sue.
LEAVE THE FINANCIAL ADVISORS ALONE ENOUGH IS ENOUGH

Richard L Budelman
New York Life Insurance Company