Subject: File No. S7-14-08
From: Bruce Schlappi
Affiliation: Licensed Insurance agent

September 9, 2008

Please do not expand an already too large federal government. State regulators already moniter the sale of annuity products. This diverse group of 50 state regulators allows for more separation of powers more accountability and diversity of products. It was state regulators who exposed stock market fraud not the federal agency. Lets keep America competitive in the few places we still are.