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The U.S. Securities and Exchange Commission will extend a ban on short-sales of financial stocks, leaving the prohibition in place until Congress approves a $700 billion economic bailout.
The ban will expire three days after lawmakers give Treasury Secretary Henry Paulson authority to buy illiquid assets that are burdening financial institutions, the SEC said today in a statement. The prohibition on short-selling will cease no later than Oct. 17 if Congress fails to pass the legislation.