From: Stephen A. Bruhn
Sent: March 7, 2007
Subject: File No. S7-25-06

It has come to my attention that the SEC has proposed a change to its rule defining an "accredited investor" (see File Number S7-25-06) raising the minimum net-worth requirement needed to invest in private funds from $1,000,000 total net worth to $2,500,000 liquid net worth. I strongly oppose this change as it would significantly reduce the number of investors eligible to invest in private placements.

I understand the rational for this change is to protect "unsophisticated" investors from the risk of private placement investments. This is another example of government assuming that American investors are not smart enough to weigh the risks of investing their money. Why not set artificial thresholds for investing in stocks, bonds or homes????

Leave the net-worth requirement at $1,000,000 and stay out of my business.......

Stephen A. Bruhn