Subject: File No. S7-25-99
From: Diana Davis
Affiliation: Financial Planner

August 23, 2004

please withdraw your proposal concerning exempting broker dealers from being in complient with the Adviser Act of 1940.

If this goes through I will loose all faith in your abilities to govern. This is like the fox guarding the chicken house. In this time when we need to tighten requirements to protect the public you are loosing. It makes me wonder who is paying you off.