Subject: File No. 4-606
From: Kristi Smith, FSS, LUTCF
Affiliation: NAIFA

August 6, 2010

Registered Representatives are regulated enough. Please do not continue to impose new fiduciary standards on an industry that is over-regulated and focus your fiduciary intentions on banks and the real estate market and our own federal spending where there obviously is not enough regulation as they were directly responsible for the economic recession of the past few years. It was not registered representatives running amok that caused our current economic climate.