The Securities and Exchange Commission could be forced to reinstate the so-called uptick rule courtesy of legislation introduced Monday in the U.S. Senate, which takes aim at abusive shorting and naked short selling. The bill, co-sponsored by Sen. Ted Kaufman (D., Del.) and Sen. Johnny Isakson (R., Ga.), seeks to reinstate the uptick rule that prohibited short sales that are not made on an increase in the price of the stock. The senators are asking the SEC to write regulations within 60 days. "Abusive short selling is tantamount to fraud and market manipulation and must be stopped -- now," Sen. Kaufman said during the introduction of the legislation on the Senate floor. "The uptick rule should have never been repealed. To permit people to sell shares they don't have and won't be able to deliver turns investment into pure speculation. The time has come for this practice to stop." The uptick rule, instituted by the SEC following the Great Depression, said that the short selling of stocks could be done only after the share price ticked higher above the prior sale. The rule was designed as a guardrail that slowed down the short selling process, preventing short sellers from driving the price of a stock lower at a faster clip. In a short sale, an investor can borrow a stock from a broker, sell it to other investors, and attempt to buy it back at a lower price before returning it to the original lender. The difference in the transactions is kept as a profit.