Subject: File No. 4-606
From: Michael D. Mitchell

July 30, 2010

I believe placing a retroactive application of a fiduciary liability to registered representatives of a broker dealer will not postively serve to help protect consumers from poor financial advise. Rather it will only serve to add another platform to jam the courts with litgation of people looking for a way to recover natural losses of the market. The current system of FINRA suitibility requirements and branch office audits is more than adequate regulation to protect consumers. If the financial system is continually placed under more liability there may be a negative reaction of the delivery system of the investment industry which will do no good to the consumer, the economy or the country.