Subject: File No. S7-25-99
From: steven kaye, CFP
Affiliation: president - american economic planning group

January 26, 2005

The rule allowing brokers to give advice and exempting brokers from registration is utterly ridiculous . it is contrary to fair public policy. It appears arbitrary and capricious. It is deceiving to the public.

It smells of influence exerted by the large wirehouses.

The public can not tell the difference between a broker and a registered advisor.

WHAT THE HECK ARE YOU PEOPLE THINKING ?