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A New Uptick Law?

Monday, 21 Jul 2008 | 7:31 PM ET

Cramer’s been calling for the reinstatement of the uptick rule, and he might finally get what he wants.

Ticked Off
Discussing the reinstatement of the uptick rule, with Rep. Gary Ackerman and Mad Money host Jim Cramer.

On July 16, Congressman Gary Ackerman (D-NY) introduced legislation in the House of Representatives to do just that.

Ackerman, a senior member of the House Financial Services Committee, told Cramer Monday it was “absolutely unbelievable” that traders were able to drive down a stock without consequence.

“You should be sounding the sirens,” Ackerman said. “There’s a robbery going on.”

Cramer asked if Ackerman agreed with the Mad Money host’s call for an uptick of at least 10 cents for traders and exchange-traded funds alike before they sell a stock short.

“Anything’s better than they’re doing right now,” the congressman said.

Cramer expressed some doubt that the law will pass. Big money has a way of swaying congressional votes. But there was no doubt

“I think that we all have constitutional responsibilities,” Ackerman said of his fellow representatives, “to do what’s right on behalf of the American people.”

Watch the full interview with Congressman Gary Ackerman.


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