June 29, 2011
Dear SEC Commission,
I think excluding the value of a persons primary residence from the determination of whether a person meets the net worth standard is unfair. Whether or not a person chooses to own a home or not has nothing to do with how sophisticated and financially literate they are.
In fact this targets home owners versus renters. I just also sent a letter to my Senators and Representative pointing out how this change hurts home owners and discourages home ownership.
I also will be seeking legal council on filing a class action law suit on behalf of home owners if this rule change is implemented as I think it unfairly hurts home owners.
Hence, I strongly urge the commission to not exclude the value of a persons primary residence from determination of whether a person meets the net worth standard. It is not required by the Dodd-Frank act and should not be done. Please do not make this change.