Subject: File No. S7-08-09
From: RANALD M STEARNS
Affiliation: AARP

May 5, 2009

I am a small investor. I have taken the bulk, not a very large bulk, of my retirement funds out of the stock market, last year. I will not feel that it is safe for the small investor, like myself, to return to the market until the uptick rule is restored as it was originally set up after the last debacle in the 1930's.

I am also waiting for the enforcement of a similar rule to eliminate the "naked shorts". Not that I think that there is anything wrong with the Hedge Fund people running arround without shorts, but I want to see the requiremts in place and enforced for short sellers to have the stock that they are shorting.

Until I feel that the market is safe again for the small investor, I will keep my money in my matress or in a bond.

I hope that you will be able to restore my confidence in the stock market. It is not the ups and downs in the market that affect my confidence but the feeling that the SEC has been looking the other way instead of enforcing rules designed for the safety of the small investor.

Please help to restore my confidence in the market.