Subject: File No. 4-606
From: Elwood B Syverson, LUTCF

July 30, 2010

I am sick and tired of the Federal government continually trying to over regulate business. I wish Congress had the oversight that securities licensed representatives have in America. In order to be licensed to sell security based products, I first must successfully pass several exams testing my proficiency and ethics to market products. I am subject to an annual review by my broker dealer to ascertain if my files and business transactions are legitimate an that my records are properly maintained. I also have quarterly compliance meetings with my immediate supervisor to monitor my business activities, communications, outside business activities and if there are any complaints. I am also required to attend a three hour Continuing Education session every three years which deals with ethics, money laundering, proper marketing techniques and other related subjects. When marketing a product, no matter the size, I am required to fill out forms ascertaining the customers identity, ability to purchase products without impacting their standard of living, suitability issues and appropriate marketing and sales techniques used in the process. Adding another layer of bureaucracy to this already onerous paper monster is ludicrous. Further, I live and work in one of the poorest counties in Wisconsin and therefore, deal with much below median income customers. Customers that cannot afford fee based planners, but still wish to set aside funds for retirement, protect their families and have an opportunity to have a savings vehicle that offers a bit more "upside" than passbook savings accounts. Many of my customers can only afford to set aside $25-50/month. How on earth could these folks afford an annual fee of $300-500 to be able to participate in the securities market? It is not possible. This legislation would ultimately harm the very people that need our services the most. Where else can they turn if they choose to invest? If this legislation should pass, I will seriously consider surrendering my securities licenses. It will eliminate the lions share of prospects that I deal with to whom I market variable products. I wish congress would introduce legislation to police it's own ranks with this enthusiasm. Perhaps we wouldn't be reading about Charles Rangle, Nancy Pelosi and others who have dealings that are clearly unethical and inappropriate for a public figure. Why should I be held to a higher standard than legislators who are allowed to mismanage TRILLIONS of dollars with no oversight? This legislation is ridiculous, but typical of the "do gooder" philosphy running rampant in the halls of Congress which chooses to harm the many to punish or control the few. We are to be a government of the majority. What happened to that?