Subject: Sr-2007-021

August 6, 2007

I write concerning the above proposed rule. It is bad enough that defrauded investors must arbitrate their cases before panels comprised of at least one person associated with the securities industry. It is outright disgraceful that the supposed "public arbitrators" are able to earn substantial income from the very same securities industry over which they sit in judgment. A bright line rule is needed: public arbitrators should not be permitted to derive any of their income from the securities industry. Period.

Leonard Steiner