Subject: File No. S7-07-13
From: Ann E Burruss

September 25, 2013

The SEC rules on pay ratio disclosure will be very helpful for informing the public and investors about good corporate governance. During this economic slump the only people who are experiencing income rises are high earners, while the average worker is getting a pay cut. It is vital that we citizens and investors can see the ratio of executive to average worker pay, so we can choose to support and invest in companies that value their workers appropriately.

Thank you very much for putting forward sound guidance for this important rule.