Dramatic changes in the global economy may merit restoring a federal rule aimed at preventing a massive plunge in a stock price caused by a rush of short selling, the head of the Securities and Exchange Commission said Wednesday.
SEC Chairman Mary Schapiro said the agency "hopefully" will propose for public comment next month reinstatement of the so-called uptick rule, which forces short-sellers, investors who bet on stock prices dropping, to sell above the market closing price guaranteed online payday loans.
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