Subject: File No. 4-606
From: Richard K Friedstrom
Affiliation: Agent, New York Life Insurance Company

July 30, 2010

I have attempted to follow the financial services legislation being proposed/passed by Congress these past few weeks. I believe the legitimate press has provided adequate reporting on this legislation. However, the more I hear and read, the more confused I become - I can only imagine what my clents and customers of 38 years must think, right now
I have been registered by FINRA since the mid-1980's. I cannot tell you the amount of paper work and ongoing training I ccomply with each year. I think this is important for me and for the consumer to be fully educated, but it looks like this legislation is now asking too much of me and my fellow registered representatives.
Legislation of the 1930's is antiquated. However, seperating banking from commerce is appropriate, especially when dealing with funds of the consumer. Legislaton passed in the early 2000's has not been fully enforced, let alone implimented. Is there some reason these well debated pieces of legislation cannot be the law of land?