Subject: File No. JOBS Act Title I
From: Tony Gagliano

May 12, 2013

I have been following this very closely since 2001. Now that we have had the panel, facts, interviews, what is the status of the pilot program?

I truly believe that having a pilot program with spreads in small cap stocks for a significant period would establish and prove once again that this will lead to a more fair and orderly over-all market.

We have seen many " Flash Crashes" recently and it will only get worse over time.
Lets restore investor confidence and return the U.S. capital markets to the envy of the world.

Many of European and Asian capital markets trade in multi tiered prices. Once size DOES NOT fit all in equities. It makes sense to allow the most liquid stocks trade in smaller price points but it drastically impairs higher priced stocks.

Lets once more lead the world in capital formation and the IPO market.

Thank you for the opportunity to comment.