July 21, 2008
To Whom It May Concern,
There are many reasons for my opposition to suggested rule 151 A. These are just some of them. These rules proposed by the SEC are supposed to protect the consumer however its passage would do just the opposite. It would actually reduce competition, drive up the costs of fixed annuity products and possibly affect the the way many consumers view these products. To what end .... so the SEC can have more control and increase revenue for themselves. With the system that's in place, the consumer has more protection. With the proper suitability forms,the consumer cannot lose any principle no matter what happens in the market and get a similiar risk tolerance with that of CD's. The complaint rate is lower than that of securities, cost the consumer less when there is a problem and has been ruled by the courts that these vehicles are not a security
Sincerely,
E L