Subject: File No. S7-06-04
From: Rich Menze
Affiliation:

March 30, 2005

I think it is completely irrational to put another level of disclosure on our industry. They don't have to disclose how much the dealer makes selling you a car our how much the salesperson gets when you buy new furniture or how much the builder makes when selling you a new home. Why would this additional level proposed of bureaucracy be needed.

Licensing, regulation and disclosure are already in abundant supply in the Securities Industry. Is there a consume revolt or even a frivolous class action suit in regard to this concern.

Please reconsider your position on this proposal.

Thank you!

Rich Menze