Subject: File No. 4-606
From: Matthew J Grace
Affiliation: Financial Representative

July 30, 2010

The amount of regulation on our industry is already cumbersome as it is, and there is a lot of overlap currently in these regulations. Adding another standard to comply with on top of those we already have to use will add more cost and time to helping the American Public. Please consider this before adding even more red tape and administration, and allow the SEC and Finra to do the jobs they are already charge with doing.

The loosely defined "best interest" mentioned in this bill is extremely concerning. There are many different advisors in many different companys that offer different advice in the same situation. All can make a good argument for why they made the recomendations they did, and who will determine which is right and which is wrong. how will we define what is the right amount of insurance, the right type of life insurance, the correct asset allocation, the correct income strategies and products, the right amount of long term care insurance, the correct buy-sell agreement, correct retirement plan, correct group benefits, etc.

There is among experts many ways to solve problems and create results for clients on all of these topics and giving a loose definition of best interest will lead to people getting sued constantly anytime the market drops or a client changes their minds about something. EO insurance rates will go throught the roof and people will be forced out of their businesses and Americans will lose the valuable services they provide.