From: Luke Ackerman
Sent: August 14, 2006
Subject: File No. S7-03-04

SEC Chairman Christopher Cox

Dear SEC Chairman Cox,

I am 27. My wife and I just bought our first home. I have been saving since I got my first job when I was 18. I have since calculated what is likely going to take to retire at 65 or 70 and my likely encompassing medical bills. I pride my self on using very little public assistance. Of course there are things I can't avoid, like public health prevention work, or sanitation, or clean air/clean water work, or federal and state labor and commercial law enforcment. But I really want to always contribute to my society and never take. Since our nations employers and our federal government have shifted all the risk of retirement savings for my generation to us citizens, I have no choice but to try and invest my small retirement savings in the market (~$3000 now). I use mutual funds exclusively at this point, and they are the best bet for a vast majority of american who now MUST do their own retirement savings. Between the fraud and out right failure of many pension funds, citizens now RELY on mutual funds turning a good investment, but we cant do that with boards of directors that RUBBER STAMP policies that hurt the often traped investors, and help cronyish business practices.

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.

Our nation NEEDs the kind of confidence in their investments that comes with strong oversight on matters of mutual fund board responsibility and impartiality. Its the ONLY way our retirement and investment system is going to last. IF we don't take action on these issues now, retirement savings through mutual funds will collapse from a lack of security and confidence and my generation and the ones before and after us, will all come crashing in on the social safety net. And that is something we all CANNOT afford.


Luke Ackerman