Something of great importance in our 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.
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 I encourage all supporters of true market reform to 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.