Date:    12/16/1999  11:58 PM
Subject: Proposed Regulation FD

I wish to comment on the SEC's Proposed Regulation FD.
     
We are in a time of financial revolution as more and more ordinary people 
are taking personal control in directing their investments, rather than 
relying primarily on their brokers and Wall Street pundits as in the past. 
Much of this revolution is due to the Internet phenomenon that is 
transforming many aspects of society.  I, along with millions of others, am 
a newcomer to managing my own portfolio of investments, and this happened 
because of the proliferation of investment information resources and the 
convenience of on-line brokers, both brought about by the Internet.
     
Proposed Regulation FD is designed to put a stop to an old habit, the 
practice of sharing material information about a company's performance with 
a select group of Wall Street analysts and the like, and doing so before the 
same information is made available to the general public.  It would be easy 
to ignore this problem, because the securities industry is comfortable with 
it.
     
Although private, selective disclosure of company earnings and other news was 
never really justifiable, it becomes even less so in this new investing 
environment.  We can no longer countenance a system that positions a favored 
few by giving them valuable information that puts them in a position to favor 
their clients over the rest of the investing public.  Proposed Regulation FD 
should be adopted because it will help establish and protect market 
efficiency, which is another way of saying that with respect to company 
information that is relevant to investors, there should be a level playing 
field for everyone involved in investing.
     
Thank you.
     
Stephen Eugene Westfall
24W510 Bluff Court
Naperville, Illinois 60540
Email:  steve.westfall@gsbalum.uchicago.edu