Subject: Comments for File Number S7-12-11

May 23, 2011

Iím writing because my family and I were affected by the economic collapse of 2008, and we donít want it to happen again.

What has taken place in the last 3 years has almost been a death blow to the middle class and the working people of America. We work harder and harder only to see our buying power shrink with each passing quarter. We trusted the people in congress to see to it that regulations protected the consumer from the greed of corporations. But, SURPRISE, over half the members of congress are millionaires. They no long have the connection elected officials once did to the people in their districts. We NEED regulations to sustain the progress that has been made in the last 125 years toward a government by the people and for the people, not by the corporations and for the corporations.

Wall Street greed and outrageous pay practices were a major cause of the collapse. One way to change the incentives so they donít collapse our economy again would be to delay the bonuses for three, five or more years. That way, weíll know if the loans they made in year one remain good. In the bad days, bankers paid themselves on the volume of loans (mortgages) they generated, not on their quality.

Thank you for considering my comment,

Connie Lemke