Subject: File No. 4-606
From: John P. Kinney
Affiliation: Financial Advisor

August 25, 2010

The regulations in my industry are sufficient and, some would say, already too burdensome. The addition of the proposed additional "fiduciary standard" will not provide any additional protections for the public. The suitability standard is proactive and forward looking and prevents problems from occuring better than a 'lookback and punish' method of regulation ever would.
The problems in the investment industry that cause the most injury are rarely at the advisor level, yet the regulation, scrutiny, and spectre of Draconian punishments always flow downhill. The Milkins and Maddoff's of the world cause massive injury to the public and we get more compliance crammed down our throats as a result, when it's already impossible for us to do the things they did because of the suitability scrutiny already in place.
The government wants to "protect" the public yet many would argue that governmental policy and the politically motivated lack of already mandated Congressional oversight caused the problems we are in now far more than the often touted "greed on Wall Street".