Subject: File No. S7-03-04
From: Stephen G Stanton, Esquire

June 14, 2006

I strongly support the Independent Board Member Rule (IBMR) promulgated by the SEC but recently stymied by the D.C. Court of Appeals on a technicality. I urge you to reinstitute the IBMR as soon as possible. It's ironic that President Bush is encouraging an "Ownership Society" while the SEC may refuse to allow the actual stock holders of open-end mutual fund to have a say in how their money is invested. Without the IBMR, it would seem the SEC would prefer to have the managing companies 'own' the funds in which millions of hard working Americans faithfully invest their monies.