From: Nancy Gresham
Sent: August 10, 2006
Subject: File No. S7-03-04

SEC Chairman Christopher Cox

Dear SEC Chairman Cox,

Mutual funds are an increasingly important savings vehicle for tens of millions of working Americans like me. We are the owners of these funds and we bear the risks if they are dominated by self-interested insiders. We look to the Securities and Exchange Commission (SEC) to protect us. I am writing to express my strong support for the proposed rule requiring that mutual fund boards have an independent chairperson and at least 75 percent independent directors. These rules were among the most important reforms adopted by the SEC in the wake of the mutual fund trading and sales abuse scandals.

A recent study by AFSCME and The Corporate Library found mutual funds provide a rubber stamp for excessive management pay, supporting more than three-quarters of all management pay proposals. Ninety percent of institutional investors think the current system overpays executives. We need independent directors to stand up to the excesses of the money managers.

The Investment Company Act requires that mutual funds be managed in the interests of their shareholders. Requiring independent directors and chairpersons will help ensure this safeguard for the small investor, to make sure the little person gets a fair shake.

Is there nothing in this damn country that we can count on? The average person works hard, pays exhorbitant taxes because Washington is throwing it away as fast as they take it from us.
Now we can't depend on the safety of mutual funds either. When did we become so comunistic? All of you feds become such greedy crooks? We will all have to move out of our OWN country because you and congress are giving it to the foreigners along with our jobs. Where and when will it STOP. Leave things as they are and stop robbing from the poor and middle class - try taking it out of YOUR OWN pocket for a change. I'm sick to call my self an American these days.


Nancy Gresham