H.R. 302

To require the Securities and Exchange Commission to reinstate the uptick rule on short sales of securities.

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I

111th CONGRESS

1st Session

H. R. 302

IN THE HOUSE OF REPRESENTATIVES

January 8, 2009

Mr. Ackerman (for himself, Mrs. Maloney, Mr. Weiner, Mr. Capuano, Mrs. McCarthy of New York, Mrs. Lowey, and Mr. Perlmutter) introduced the following bill; which was referred to the Committee on Financial Services

A BILL

To require the Securities and Exchange Commission to reinstate the uptick rule on short sales of securities.

1.

Reinstatement required

Within 90 days after the date of enactment of this Act, the Securities and Exchange Commission shall—

(1)

reinstate rule 10a–1 of the Commission’s rules (17 CFR 240.10a–1);

(2)

rescind rule 201 of regulation SHO (17 CFR 242.201); and

(3)

take such other actions as may be necessary to reinstate the price test restrictions that applied to short sales of securities prior to the Commission’s action in the proceeding entitled Regulation SHO and Rule 10a–1, adopted June 28, 2007 (Release No. 34–55970; File No. S7–21–06).