Something of great importance in the effort to finally end
illegal naked short selling took place recently.
Senator Ted Kaufman of Delaware, together with three colleagues,
distributed a letter to the remaining 96 members of the Senate
formally requesting co-sponsors for SB 605:
A bill to require the Securities and Exchange
Commission to reinstate the uptick rule and effectively regulate
abusive short selling activities.
You can find a copy of the letter and the bill
itself here.
This is a very good sign that this most vital bill has momentum.
However, this is always a very tenuous time for any bit of nascent
legislation. That’s why all supporters of true market reform
should contact their US senators (remember you each have two!),
encouraging them to co-sponsor Senate Bill 605.
Every additional co-sponsor’s name added to the bill
reduces the likelihood that backroom shenanigans — something
at which our adversaries are experts — will kill our best
opportunity for true reform yet, while still in its cradle.
Please reach out to your senators today. Click here to find his or her contact
information.