Subject: File No. SR-NASD-2007-021
From: Kathleen H Gorr
Affiliation: Attorney

August 7, 2007

Nancy K. Morris
U.S. Securities and Exchange Commission
100 F Street, NW
Washington, DC

Re: SR-NASD-2007-021

Dear Ms. Morris:

I am an attorney and an arbitrator for the NASD (now FINRA). Many purportedly public arbitrators on NASD panels have long and continuing affiliations with the securities industry. Many of the industry's experts, attorneys and witnesses are known to these public arbitrators with industry affiliations. The arbitrator pool is thereby tainted.

Additionally, the perception of fairness and impartiality, so important in a process with no meaningful judicial review, is simply not there.

The $50,000 limit set forth in Rule 12100(u) should include income derived from all work or association with the industry, and not just that related to investor transactions.

If the SEC does not implement these types of changes to protect the investor, then those people who refer to the SEC as a taxpayer-funded lobby for the industry will have a point, won't they?

We have similar goals: I would like to participate in a fair and efficient dispute resolution process and the SEC has a public trust to see that accomplished.

Very truly yours,

Kathleen H. Gorr