From: S. L. Stebel
Sent: August 10, 2006
Subject: File No. S7-03-04

SEC Chairman Christopher Cox

Dear SEC Chairman Cox,

Owners of funds bear the risks if dominated by self-interested insiders. We look to the Securities and Exchange Commission (SEC) to protect us. I support the proposed rule requiring mutual fund boards to have an independent chairperson and at least 75 percent independent directors.

Mutual funds currently provide a rubber stamp for excessive management pay, supporting more than three-quarters of all management pay proposals.We need independent directors to stand up to the excesses of the money managers.


S.L. Stebel