Date:    12/18/1999  6:47 AM

Subject: RE:Proposed Regulation FD

The Proposed Regulation FD is a matter whose time is long overdue.
     
One must remember the original mandates of the S.E.C. when it was first 
established in the early 1930's.  A main objective of the Commission was to 
establish guidelines for the fair representation of financial statements and 
related information for publicly traded companies.  This basic investor right is
undermined if information is not delivered in a timely and fair manner.
     
Currently, a hierarchy is in place giving selected entities an unfair advantage 
for important information at the expense of others.  Obviously, this is 
antithetical to the intentions of the Commission.  I question the motives of 
such influential people as the general counsel of the Securities Industry 
Association, Stuart Kaswell.  Mr. Kaswell is "concerned the proposal will end up
restricting the flow of information rather than encouraging it by imposing 
detailed rules on companies, investors and analysts".  I applaud Mr. Kaswell's 
apparent concern for investors.  However, contrary to Mr. Kaswell's statement, 
the proposition would do nothing to restrict the flow of information.  In fact 
the regulation would increase the flow of information to all interested parties 
in a more timely and fair manner.  Furthermore, the status quo infers that some 
parties are more worthy or capable of handling material disclosures than others.
 It appears self-evident that his argument holds no water and clearly undermines
the good of the investment community.  Mr. Kaswell does not represent my views 
as an investor nor, I would suspect, does he represent the views of the majority
of independent investors.
     
I strongly urge the Commission to enact this regulation and enforce it 
rigorously.  It's an idea whose time was here nearly seventy years ago.
     
     
Steven L. Lopata, C.P.A.
Senior Accountant
Transcap Associates, Inc.