March 10, 2009 / 4:34 PM / 10 years ago

UPDATE 1-U.S. Rep. Frank: SEC to reimpose uptick rule soon

WASHINGTON, March 10 (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 towards 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)

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