May 7, 2021
It has become increasing clear over the past several months that there are countless firms across the country who are using loopholes to hurt the American public. The illegal market manipulation and naked short-selling is not only illegal but more importantly, remarkably unjust. When an investor purchases a stock s/he is entitled to that stock immediately, not a promise to deliver the stock in the future. Furthermore, these firms do not have the liquidity to back their positions which can lead to margin calls and forced immediate liquidation of positions. This liquidation can devastate the life savings of hundreds of thousands of Americans. By enacting the proposed rule change, the aforementioned firms will have to prove their liquidity on a consistent basis disallowing future situations like the one we are in currently with firms standing to loose hundreds of billions of dollars. The American public has their eyes on the actions of these firms as well as on the SEC and their continued lack of action. This rule will be the frirst step by the SEC to ensure all of our grandchildren can enjoy all of the benefits of a thriving open market economy.