Subject: File No. S7-34-11
From: Hugh L Patton

September 2, 2011

What gives the SEC the right and/or authority to change 50 years of business practice and law. Your actions today cost many citizens to lose tremendous value in their IRA and income that they depend on to live. The Obama administration including the SEC only has a polical agenda and it is not to protect citizens. Why in the world when we are in a financial crisis and downturn do you propose regulation changes and uncertainly? Try to focus on stoping ponsi schemes and getting your employees to not watch porn during work and leave one of the last remaining sucessful business practices alone.

Do you have the authority to make these proposed changes? Does this not require congress? I have written my two senators and representative about this reckless action you did today. It is my hope that the 2012 election will replace this Obama administration and all associated with it..