Subject: File No. S7-25-06
From: Paul M Grammens

January 27, 2007

I'm opposed to this change. Under the current rules I've been able to invest in a number of medical startups and real estate LLC's, typically in $50K increments. That has limited my risk. The proposed rules would shut out many people like me who are not wealthy but still manage to save and invest.

We already have a low national savings rate, and this proposed change would exacerbate that.

A better way to do this would be to limit the amount one can invest, based on net worth or liquid assets. As a practical matter, everyone can afford to risk SOME money. It's only a problem when they risk too much.
Sincerely,
Paul Grammens