Date:    04/10/2000  7:08 PM

Subject: Proposed Disclosure Rule

    My name is Garen McCall and I am a novice investor.  I am also a law 
student ay Hastings College of the Law who has recently studied the history 
of the SEC and it's public function as envisioned by the New Dealers 
following the Great Depression.  My initial exposure to the market as an 
investor has been upsetting in some ways.  I am appalled by the lack of 
disclosure by companies and the inside track possessed by fund managers.  
    The purpose of the SEA, or such was my understanding, is to increase 
public confidence in the market by providing access to information that 
effects it.  How is it that the fund managers, the big money, always seem to 
know what's going to happen before anyone esle does?  While it falls short of 
10(b)(5) violations, it is still unfair.  The internet has made possible 
access to information that Landis and the boys could not even have imagined. 
A few good rules by you guys and we could have a truly level playing field. 
    While I'm sure that my two cents will likely be lost in the vastness of 
the agency notice and comment period, I thought I would throw it in anyway. 
I sincerely hope that rules requiring fuller disclosure are passed.
                                                Sincerely,
                                                    Garen McCall