May 31, 2009
As a private investor whose retirement income is wholly derived from equity investments, I am outraged by the removal of common sense controls by former SEC Chairman Christopher Cox. Last year, the loss of uptick rule (and tolerance for widespread naked short-selling) almost destroyed the financial market sector and caused serious harm to our economy.
I urge the SEC to permanently reinstate a 'price test rule' to reinstate investor confidence, and balance the interests of the various market participants. I specifically urge implementation of the proven 'plus tick rule' over other alternatives, such as 'best bid' or 'circuit breaker' tests.
Respectfully,
Gary Cummings