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SEC Extends Emergency Orders, Congress Revamps Bailout

Melissa Klein Aguilar | October 2, 2008

The Securities and Exchange Commission has extended the short selling emergency orders it issued in mid-September to give Congress more time to pass legislation to implement a massive financial rescue plan.

The Commission’s announcement came following the Senate’s Oct. 1 passage, in a 74-25 vote, of a beefed-up version of the Emergency Economic Stabilization Act. The Senate move followed the Sept. 29 House defeat of an earlier version of the bill, which sent the already jittery capital markets into a tailspin. House lawmakers are expected to vote on the revised bill on Friday.

Meanwhile, the SEC emergency order that created a temporary ban on short selling in financial companies will now expire...

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