Subject: File No. S7-34-11
From: Sherman R Marsack, Jr.

September 4, 2011

Dear SEC,

I own agency Mortgage REIT shares (specifically Annaly Capital (NLY) and American Capital Agency (AGNC)) in my retirement portfolio, for their yield and relative safety. With the current short term interest rates and relative steepness of the yield curve, they provide a return I could not otherwise find in the market place. Frankly, I do not understand all the issues raised in the Advance Notice and Concept documents and find it difficult to determine what impact any changes would have on these two businesses.

I have been following the troubled passage and continued undermining of Dodd-Frank, and wonder, after decades of apparent non-enforcement and outright collusion by senior SEC administrators, if the Commission doesn't have bigger fish to fry in terms of protecting investors interests. While I appreciate the new attitude of enforcement and vigor apparent at the commission, is this problem really the best use of the Commission's resources?