H.R.7240: To direct the Securities and Exchange Commission to issue rules regarding short selling of securities, to establish a net worth certificate program in the Federal Deposit Insurance Corporation, increase the maximum amount of depository insurance, and for other purposes.

To direct the Securities and Exchange Commission to issue rules regarding short selling of securities, to establish a net worth certificate program in the Federal Deposit Insurance Corporation, increase the maximum amount of depository insurance, and for other purposes. 10/2/2008--Introduced. Bringing Accounting, Increased Liquidity, Oversight and Upholding Taxpayer Security Act of 2008 or the No BAILOUTS Act of 2008 - Directs the Securities and Exchange Commission (SEC) to report to Congress on the effect of its clarification on fair value accounting issued September 30, 2008. States that the order of the SEC issued September 17, 2008, continues in effect until: (1) canceled or withdrawn by the SEC; or (2) repealed by an Act of Congress. Directs the SEC to: (1) reinstate rule 10a-1 (uptick rule on short sales of securities); (2) rescind rule 201 of regulation SHO; and (3) reinstate the price test restrictions that applied to short sales of securities before [...]

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