Subject: File No. SR-FINRA-2012-031
From: Pete Hoffman CPA
Affiliation: PHD Capital

July 20, 2012

FINRA is a bloated ineffective Regulator that makes no attempt to protect investors. It exists only for the enrichment of its executives. Please do not allow a fee increases for FINRA.
I run a small firm & will in the next month be filing a BDW, strictly due to FINRA's malfeasance. I refuse to kowtow to such arrogance & would rather keep my sanity by having nothing to do with them.

Pete Hoffman CPA
PHD Capital
5 Hanover Square #500
New York, NY 10004