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UPDATE: NY Rep. Ackerman Proposes Bill on Reinstating Uptick Rule -DJ
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Dow Jones is reporting that New York's Representative, Gary Ackerman, has introduced legislation today proposing that the SEC reinstate the uptick rule.
Ackerman's proposed bill would have the SEC reinstate the uptick rule within 90 days of the legislation becoming law. Ackerman believes the rule needs to be brought back in order to control volatile stocks that are being driven down by "manipulative short sale practices."
In a statement by Ackerman, he said, "Reinstatement of the uptick rule would help curb these abuses and ensure greater stability and confidence in the market. Under the uptick rule, fewer companies would fail, less investors would be driven out of the market, and more capital would remain in our stock markets."
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