Subject: File No. SR-NASD-2007-021
From: Steve A Buchwalter
Affiliation: Law Offices of Steve A Buchwalter, P.C.

July 25, 2007

While I support the rule change as it is a significant improvement, I feel that it does not go far enough.

To say that a professional can receive up to $50,000 per year from the industry (especially as it is limited to "customer disputes") and still be considered public defies all reason.

Victims already need to have one "industry" arbitrator. Public arbitrators should be truly public and derrive no income from the industry.