Subject: Mary Shapiro

February 19, 2009


As the days continue to pass and your tenure grows, we must ask as market participants why you have failed to reinstate the uptick rule?

Investor confidence is rapidly eroding, the markets remain extremely volatile, and the investor class continues to ask where our leadership lies, and why they have failed to act.

The failed policy decisions of Chris Cox have remained in place far too long and the calls for action could not be louder, yet your office has yet to announce the imperative policy action to reinstate this rule.

I ask that you immediately address this widespread concern.

Thank you for your prompt consideration to this important matter.

Al Bruchnak