Subject: File No. S7-12-06
From: Richard Davidson
Affiliation: Ordinary Investor

March 28, 2007

Chairman Cox:
For the last 20 years I have been investing in the stockmarket. Who knows how much money I have lost over the years to the market makers. As your are aware of, the markets are in severe need of overhaul. In particular the hedge funds and the broker dealers. Your branch of government is the watch dog for these companies and they need to be overseen on a daily basis. The Fails To Delivery (FTD)are enormous and the Grandfather Clause is an injustice for all of the investors and every American.

Chairman Cox, please step up and do what is right for the millions of investors, do your job, do the only right thing to do, eliminate the Grandfather clause post haste....
Will be looking for your actions on this issue..

Richard Davidson
American Investor