February 21, 2007
TIME IS RUNNING OUT ---- MAKE UP YOUR MINDS --- YES OR NO
This letter is from the US Chamber of Commerce
DAVIDCHAVERN 1615 H STREET, N.W.
D.C. 20062-2000CHIEFOPERATING WASHINGTON,
8SENIOR February 16,2007 2021463-3101 .2021463-5327 FAX
The Honorable Christopher J. Dodd
Chairman, Committee on Banking, Housing, and Urban Affairs
United States Senate
Russell Senate Office Bullding
Washington, DC 20510-0702
The Honorable Barney Frank
Chairman, Committee on Financial Services
United States House of Representatives
Rayburn House Office Buildmg, 2252
Washgton, DC 20515-2104
Dear Chairman Dodd and Chairman Frank:
The U.S. Chamber of Commerce is the largest business federation in the world, representing the interests of some three don companies of every size and industry. I am writing to urge you to consider holding hearings on the role that manipulative and fraudulent short selling has on the market and on public companies.
This is an important issue that is not sufficiently understood or appreciated by the general public. Solutions to this issue should be carefully crafted to ensure they do not discourage legitimate short selling or other legitimate practices that add liquidity to our capital markets and enable market participants to manage risk
Legitimate short selling plays an important role in our capital markets. However, under the current system there are still too many illegitimate or naked short sales. We believe that congressional interest on this issue is warranted given the impact of the activity on new and growing companies.