August 24, 2009
It was overwhelmingly commented previously to you earlier this year that most felt that the prior uptick rule should be restored "as it was". Now you are again asking for comments but not including that option of restoring the uptick rule as it was before you lifted it. Why are you delaying this important decision? You are hurting the average long term American investor by allowing excessive short selling. In response to your two proposals, I favor the alternative uptick rule proposal. I recommend that you also add a shortselling "one day halt rule" to temporarily prohibit short selling in a specific security on a day where a decline of 20% or more is experienced. I also recommend that the SEC enforces the rule banning naked shortselling and imposes very large fines on traders who violate this rule. I also recommend that you take action quickly. This is an unnecessary delay and uncalled for.