Uptick rule eyed, Fed chief backs accounting tweak

U.S. Regulators will consider reviving the "uptick" restriction on short-sellers of stocks and a top monetary official lent his support on Tuesday to modifying an accounting rule that has forced banks to take billions of dollars in writedowns.

Federal Reserve Chairman Ben Bernanke said he was opposed to suspending mark-to-market accounting but said the rule tended to reinforce economic trends and improvements could be made.

The prospect of the changes helped U.S. stocks to their best day in four months, cheered by Citigroup saying it was profitable in the first two months of 2009.

Read Full Article from Reuters

- Posted: 2009-03-11 08:06:44

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