Subject: File No. S7-25-99
From: Bridget Collins

July 23, 2004

Since I think the SEC is here to protect the investor and not the brokerage, please let's hold them to the Investment Advisor standard.

The fact that they weren't in the past shouldn't be used as an excuse they can hide behind. As an individual investor, I don't use them because I can't trust their research unsubstantiated (the crash certainly taught us all that) but I was always far less trusting than the average investor.

I would actually be happier if you did what you said you would do back in 2000 and started holding all of the brokerages and exchanges to a higher standard as well. You can't expect Spitzer to always do your jobs.

Bridget Collins