Subject: File No. 4-606
From: Fred J. Chemidlin, Jr.
Affiliation: Financial Services

August 3, 2010

Re: Wall Street Journal Article on July 28, 2010 by Fawn Johnson

We are celebrating 50 years in business as a small independent broker/dealer working prinarily with mutual funds and families trying to survive financially in the USA. Once the insurance companies and banks entered the business, thanks to the repeal of the Glass-Steagall Act in 1998, I saw the future of our small business in trouble and I discussed this with Mary Schapiro personally. Our firm was forced to go from a cash accounting system to accrual accounting.

I am receiving information from small broker/dealers FINRA candidates concerning proposals to improve the future of FINRA and its small broker/dealers.

Did FINRA lose more than $565 million in 2008? If so, why were FINRA members not informed? Do 10% of the FINRA broker/dealers control 90% of the business?

There is never a reward in life without taking a risk.
Hopefully, the SEC will get banks out of the investment industry, re-enact the Glass-Steagall Act and bring back honesty to the financial industry.

Your comments, especially Mary Schapiro's, would be most welcome.