Rep. Frank: SEC to reimpose uptick rule soon

WASHINGTON (Reuters) - The head of the U.S. House Financial Services Committee said on Tuesday the Securities and Exchange Commission would soon reimpose the so-called "uptick" rule, which forces short sellers to sell at a price higher than the previous trade.

"I've spoken to Chair (Mary) Schapiro of the SEC. I am hopeful the uptick rule will be restored within a month," Rep. Barney Frank told reporters. "Mary is moving toward the uptick rule, which some people think is very important, some people think it's not important, nobody thinks it does any harm. I think that will go back (into effect)."

At her confirmation hearing in January, Schapiro told lawmakers the agency would look at the entire area of short- selling and whether to reinstitute the uptick rule.

(Reporting by Jeremy Pelofsky; Editing by Andre Grenon)