June 1, 2009
June 1, 2009
Thank you for revisiting the short sale rules applicable to public companies. Some say you should not be regulating the markets. Even though Im a free market person, I realize the markets are already regulated. It's a question of the appropriate regulations to facilitate the capitalist system.
As public servants within the SEC, regulations provide a vehicle for you to provide a level and fair playing field for people to strive for the pursuit of happiness. Regardless of peoples attempts at empirical studies on both sides of this issue, common sense dictates the uptick rule is one aspect of stock market regulation that would benefit the most people in the country.
Restoring the short selling rules in place prior to 2007 would be the simplest and quickest way to bring sensibility back to the marketplace. The old rule should be reinstated as soon as possible as one means for the millions of investors that have seen their financial wealth deteriorate to start to rebuild their retirement savings and regain confidence in the financial markets. This will not only help investors who own stocks, but everyone in the country because the corresponding increase in consumer confidence will lift everyones spirits and create jobs.
If you restored the pre-2007 short selling rules, I believe you would look back on this decision as one of the proudest moments of your life.