Sunday, January 11, 2009

Gary Ackerman's bill

On Thursday, Rep. Gary Ackerman introduced into the House of Representatives a bill (HR 302) that would require the SEC to reinstate the uptick rule.

This bears watching. I don't think the Obama administration will give it high priority, simply because they'll have too much else on their plate, but if it should strike a chord the incoming administration surely won't get on the opposite side.

Ackerman, a Democrat, represents New York's fifth congressional district -- the northwestern corner of Nassau County and the northeastern chunk of Queens.

His bill has six co-sponsors. It has been referred to the Financial Services Committee, chaired by Barney Frank.

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