Subject: File No. S7-08-20
From: Jonathan Ronald Stallone
Affiliation: Credit Analyst at KBRA

July 17, 2020

Please think thoroughly before you pass this measure. Markets have always thrived on more transparency. This proposal does the opposite. It is not difficult to generate the information that they say is difficult to generate. There's a saying in other forms of business known as the cost of doing business. Transparency should be the cost of doing business. Thank you for your time.