[Congressional Bills 111th Congress]
[From the U.S. Government Publishing Office]
[H.R. 1406 Introduced in House (IH)]

111th CONGRESS
  1st Session
                                H. R. 1406

   To direct the Securities and Exchange Commission to reinstate the 
    ``uptick rule'' on short sales of securities and to suspend the 
          application of mark-to-market accounting principles.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                             March 10, 2009

   Mr. Kirk introduced the following bill; which was referred to the 
                    Committee on Financial Services

_______________________________________________________________________

                                 A BILL


 
   To direct the Securities and Exchange Commission to reinstate the 
    ``uptick rule'' on short sales of securities and to suspend the 
          application of mark-to-market accounting principles.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Stock Market Recovery Act of 2009''.

SEC. 2. REINSTATEMENT OF THE UPTICK RULE.

    Not later than 90 days after the date of enactment of this Act, the 
Securities and Exchange Commission shall--
            (1) reinstate rule 10a-1 of the Commission's rules (17 
        C.F.R. 240.10a-1);
            (2) rescind rule 201 of regulation SHO (17 C.F.R. 242.201); 
        and
            (3) take such other actions as may be necessary to 
        reinstate the price test restrictions that applied to short 
        sales of securities prior to the Commission's action in the 
        proceeding entitled ``Regulation SHO and Rule 10a-1'', adopted 
        June 28, 2007 (Release No. 34-55970; File No. S7-21-06).

SEC. 3. SUSPENSION OF MARK-TO-MARKET ACCOUNTING.

    Not later than 90 days after the date of enactment of this Act, for 
purposes of any periodic or other reports required to be filed with the 
Securities and Exchange Commission, the Commission shall suspend, by 
rule, regulation, or order, the application of mark-to-market 
accounting principles with respect to any class or category of 
transaction as the Commission determines necessary or appropriate in 
the public interest and consistent with the protection of investors.
                                 <all>