Subject: File No. S7-14-08
From: Linda S Lang

July 25, 2008

There are many reasons that this ruling is just plain wrong. But the most important reason I can see is that the consumer will suffer and pay more. And annuities are currently the only alternative the American consumer has for place to put their money other than the stock market or low paying CDs or savings accounts. The annuity is not a stock market product as unlike the stock market the consumer cannot lose their principal. And the consumer does not pay any of their money to the insurance to issue this product - unlike the fees paid to stock brokers. The insurance industry has done a remarkable job for the consumer with their Product Suitability requirements in making sure the product is correct for that individual - unlike a stock broker. This ruling does not appear to be a protection for the consumer but a way for the SEC to make money from a product that the American consumer is utilizing