March 3, 2007
I am asking you, if you will not entirely eliminate your new definition, to add an exemption to your proposed category of "Accredited Natural Person". It is difficult enough these days to have your money grow without this additional interference from the Federal Government.
Please add an exemption from the proposed $2.5 million asset requirement for those who:
1)Are already accredited, invested and have completed a comprehensive personal financial plan which would enable them to reire in some degree of comfort.
2)Are working through an RIA (Registered Investment Advisor)with a fiduciary resposibility.
3)Are attempting to divesify their assets, and hence actually reduce overall risk, with the help of a technologically sophisticated RIA, through the use of some alternative investments.
Anything less than this enhanced definition or exemption is a complete usurpation of an American's right to create wealth for and/or in retirement.
Preference would be to eliminate your new proposal entirely. As I understand it the previous $ 1 MM dollar threshold only affects 8.7% of US households. I don't believe that those people who have been able to create that wealth over time need or want this extension of BIG BROTHER-BIG GOVERNMENT-SURROGATE PARENT protectionism.