Subject: File No. Regulatory Review
From: Dale A Walters, CPA, CFP

June 17, 2011

My fellow Americans and I are at our limit when it comes to an increasing national debt, (which is largely a result of an ever-growing government), political misdeeds, lack of government accountability, and outright stupidity in law making.

It seems that the government is continually out doing themselves when it comes to stupidity. It seems that during my conversations with other business owners, the phrase "that is the dumbest thing I have ever heard of", is regularly brought up. Well, I am sorry to say that you have done it again this new FINA rule on requiring back office workers to become registered takes the cake so far.

While other types of registration are, for the most part, a waste of time and resources, registering back office workers will be the most colossal waste of time to date. To start with, you are creating a billion dollar bureaucracy for a million dollar problem. However, most importantly, you do not need to control the back office people. If you place sanctions on the leaders, the leaders will hire, monitor, and sanction, etc. the back office people for you (and themselves), with no additional costs to the taxpayers or the business owners.

On a different matter, how does the SEC get away with paying its leaders in excess of $1,000,000 when business owners are limited to $1,000,000 in compensation, unless it can be proven that the executive was worth the pay because of increased profits, stock value, etc. I know that the technical answer is the it is an IRS law to limit deductible compensation however, my concern is that why the government does not think that what is good for the goose, is good for the gander? It is this two-tier system of laws that is frustrating many Americans. Why isnt anyone in Washington willing to lead by example, or treat others as they would want to be treated.

I am asking you to be a leader and to do the right thing by repealing this most recent rule regarding registration of back office employees.

Thank you in advance.