May 8, 2009
While the practice of short-selling equities can contribute to the market in terms of liquidity and price discovery, if left unchecked the practice can impede capital formation. I believe that a relatively simple check that was in place for nearly seventy years, the "Uptick Rule", helped serve the markets well in balancing various participants' interests. I therefore urge the SEC to reinstate such a price test rule, and specifically would urge a plus tick rule over other alternatives.
A lot of good companies and private investors have been hurt by the absence of the uptick rule. I believe in not just free markets, but fair markets.