Oct. 08, 2022
October 8, 2022 October 8th, 2022 Vanessa Countryman, Secretary Securities and Exchange Commission 100 F Street, NE Washington, DC 20549-0609 Re: Reporting of Securities Loans (File No. S7-18-21) Dear Secretary Countryman: I am writing in strong support of rule 10c-1, Reporting of Securities Loans. The ability of hedge funds and investment firms to manipulate the market in order to siphon money from individual investors, families, 401(k) participants, and small companies is well documented. The resulting loss is especially burdensome for individuals who do not closely monitor the markets but rely on their managed fund positions to grow their 401(k) retirement investments to provide for themselves later in life. The recent spotlight shone on the ability of influential investment conglomerstes to use market manipulation to effectively create their own rules while leaving the average investor to try to build a portfolio with little recourse to defend themselves from these predatory organizations has created hesitancy to participate in retirement investment. The balances deposited into these investment accounts declines at a rate far greater even than inflation, leading many employees to conclude that participating in a retirement savings plan is equivalent to throwing away money. They conclude that if they simply pay taxes on this same amount and leave it in a savings account they will be better situated for retirement. However money in a savings account is much essier to justify spending than is that same money sealed away behind 401(k) regulatory processes, and as a result employees will eventually find themselves reliant on government assistance while working to supplement social security income. In short, the majority of Americans are not served by regulation as it stands, and failure to hold these entities to account for their manipulation of the market further erodes the middle class and American prosperity as a whole. If nothing is done, the average American will be helpless to provide for themselves in retirement. Sincerely, Paul Strickler, SHRM-CP A Concerned Benefits and Compensation Professional and Investor