US Congress Senate Bill 605 (Prior Session Legislation)

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Spectrum: Bipartisan Bill
Status: Introduced on March 16 2009 - 25% progression, died in chamber
Action: 2009-03-19 - Sponsor introductory remarks on measure. (CR S3636-3539)
Text: Latest bill text (Introduced) [PDF]

Directs the Securities and Exchange Commission (SEC) to take specified actions to regulate short sales of securities, including: (1) reinstating regulations in effect on July 5, 2007, prohibiting short sales of securities unless the previous price movement on such securities had been upward (the uptick rule); (2) rescinding the prohibition against applying certain price tests to short sales; (3) requiring trades by short sellers to yield priority and preference to transactions effected by long sellers of securities; (4) prohibiting short sales of securities of financial institutions unless such trades are effected at a price (in minimum lots, as specified by the SEC) that is at least 5 cents higher than the immediately preceding transaction in such securities; and (5) issuing regulations that prohibit short sales unless the seller can demonstrate a legally enforceable right to deliver the securities at the required delivery date and that require all short sales to settle on the same time frame employed for long sales of the same securities.

A bill to require the Securities and Exchange Commission to reinstate the uptick rule and effectively regulate abusive short selling activities.

Sen. Robert Bennett [R-UT]	Sen. Saxby Chambliss [R-GA]	Sen. Orrin Hatch [R-UT]	Sen. Johnny Isakson [R-GA]
Sen. Edward Kaufman [D-DE]	Sen. Arlen Specter [D-PA]	Sen. Jon Tester [D-MT]

Date	Chamber	Action
2009-03-19		Sponsor introductory remarks on measure. (CR S3636-3539)
2009-03-16		Referred to the Committee on Banking, Housing, and Urban Affairs. (text of measure as introduced: CR S3121)
2009-03-16		Sponsor introductory remarks on measure. (CR S3120-3121, S3121)

HB302 (Related) 2009-01-08 - Referred to the House Committee on Financial Services.
HB1406 (Related) 2009-03-10 - Referred to the House Committee on Financial Services.

Type	Source
Summary	https://www.congress.gov/bill/111th-congress/senate-bill/605/all-info
Text	https://www.congress.gov/111/bills/s605/BILLS-111s605is.pdf