Subject: File No. S7-14-08
From: David Houser

November 17, 2008

Dear Sirs:

I am a retired insurance agent, and still sell life insurance and annuities. I contacted all this year's clients to whom I sold fixed annuities that follow the growth and decline of the S and P 500 to some extent based on caps and other criteria. Every one was thankful that they had the annuity, and wished their 401K accounts were also annuities because their annuity stayed the same, but their 401K accounts were down at least one third.

Your ruling will be a big detriment to my clients as well as to my business.

For me to go through the extra work of getting a securities license and then have to do the mandatory paper work is not right. And I do not think the new ruling will do anything to stop those agents who work at misleading clients. It will only prevent me from selling one of the best insurance products that has ever been given to the American public.