Subject: Uptick Rule

January 31, 2009

Chairman Shapiro:

I have been a small investor for a number of years, and had hoped to retire last year, but have decided to put it off for obvious reasons. Small investors are typically on the long side of the market, not being risk oriented enough for the futures market. My opinion is that the naked shorts have created such a level of volatility in the market that it has driven out a number of investors, who may never return to stock investments, which is a tragedy in that the capital market is what drives the wealth creation and thereby the standard of living in this country.

I urge you to reinstate the uptick rule to reduce the amount of market manipulation and thereby level the playing field for not just the small, but all investors.

Yours truly, George Hoashi