November 29, 2010
I write this letter in support of the proposed rule SR-FINRA-2010-053 eliminating the mandatory industry arbitrator rule in FINRA arbitrations replacing it with a choice to use or not use an industry arbitrator at the sole election of the investor. The industry arbitrator has been a lightning rod, and rightfully so, for critics who see FINRA arbitration as unfairly tilted to the industry. It is simply unfair to the investor to require industry members to sit on all FINRA as it would be to require civil juries in court hearing cases against car manufacturers for designing defective products to have an employee or officer of any car manufacturing company. SR-FINRA-2010-053 is a milestone achievement in the history of leveling the playing field in FINRA arbitrations which should be adopted forthwith.