Subject: File No. S7-25-06
From: Thomas G Carpenter
Affiliation: Registered Investment Advisor

January 27, 2007

To whom it may concern:

I am strongly opposed to the purposed amendment raising the net worth threshold for Accredited Investors. In fact, I think you should consider doing the exact opposite and relax the current rules (which are) based on accumulated wealth.

Equal Choice, Equal Access, Equal Opportunity

If you were to tell investors that they would be discriminated against because of their gender or race or sexual preference, there would be an outcry. To put it simply: it should be a matter of Choice. It should be a matter of Equal Access. It should be a matter of Equal Opportunity. If you change the rules, they should allow all investors to be truly equal, at least as to opportunity.

I believe it is time to change a system where the vast majority of Americans are relegated to second-class status based solely on their income and wealth and not on their abilities. It is simply wrong to deny a person equal opportunity and access to what many feel are the best investment products in the world, based upon old rules designed for a different time and different purpose. I hope that someday Congress will see to it that small investors are invited to sit at the table as equals with the rich.

There are many ways of accomplishing this while still protecting the investor from the complexities of alternative investments. Please feel free to contact me if you have any additional questions or want additional input.

Thank you,

Tom Carpenter