New Jersey League of Community Bankers

January 7, 2004

Jonathan G. Katz
Secretary
U.S. Securities and Exchange Commission
450 Fifth Street, N.W.
Washington, DC 20549-0609

Re: Security Holder Director Nominations
File No. S7-19-03; RIN 3235-A193; 68 FR 60784

Dear Mr. Katz:

The New Jersey League of Community Bankers^* is pleased to comment on the proposal to require companies to include in their proxy materials shareholder nominees for election as director.

Many of the League's member banks and savings institutions would be affected by this proposed rule and the League concurs with the comments and recommendations made by America's Community Bankers in their comment letter of December 18, 2003. We urge the SEC to withdraw the proposed rule at this time and monitor the impact of the new corporate governance rules issued by the SEC and the stock exchanges over the past two years, including new disclosure requirements addressing the director nomination process and shareholder communications with directors.

Sincerely,

James R. Silkensen
Executive Vice President

JRS/js