Apr. 25, 2022
To Whom It May Concern, Attached, please find the signatures of 2,084 United for Respect supporters who have submitted electronic comments in support of File Number S7-03-22. The comment they each submitted reads: "Dear Securities and Exchange Commission, I am writing today to comment in strong support of File Number S7-03-22. Misleading information about costs and inflated returns allows private equity funds to siphon hundreds of billions of hard-earned dollars from retirees and use them to undermine the livelihood and well-being of workers and their communities. Put simply, Wall Street has figured out how to use money saved by current and future retirees to supercharge a business model that makes executives rich but destroys once-thriving companies. Toys R Us is a poster child of what happens when private equity firms operating in the dark – even for their own investors – take over retailers. Private equity firms Bain Capital and KKR siphoned off $464 million in fees and interest as they drove the company into bankruptcy. Because private equity firms do not fully disclose the fees they charge to investors, it took pension funds longer than it should have to realize the extent of the problem and speak out. And you only need to Google the latest VICE reporting on PetSmart to see the horrifying consequences of private equity's greed play out in real-time: BC Partners has prioritized paying themselves handsomely while they continue to cut corners, harming pet care workers and animals alike. Understaffing is leading to freezers with dead animals while many workers are still making $12.50/hr — without healthcare — as PetSmart records record profits from the pandemic pet boom. Please, adopt these rules as proposed and protect the public from Wall Street's looting." And many included personal comments that can be seen in Column C. Please let me know if you have any questions or concerns about this submission. Sincerely, Heather Shelby -- Heather Shelby