Subject: File No. S7-14-08
From: Nancy E. McNair

July 18, 2008

The SEC has enough trouble trying to do the business it was set up to do To attempt to call a fixed annuity a security is ridiculous given that they come with guarantees which are NOT what stocks, bonds, mutual funds, etc. provide Since the existing laws are not being enforced that help oritect investors in the Markets, and since State Dept. of Insurance require a great deal of information from Insurance Companies, it seems to me that the SEC has decided it wants a bigger piece of the action not greater oversight