Congressman Robert Pittenger

Representing the 9th District of North Carolina
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SEC acts on Pittenger request to extend Chicago Stock Exchange comment period

Jan 13, 2017
Press Release

FOR IMMEDIATE RELEASE

 

SEC EXTENDS PUBLIC COMMENT PERIOD ON CHICAGO STOCK EXCHANGE AFTER PUSHBACK FROM CONGRESSMAN PITTENGER

 

WASHINGTON – In response to a bipartisan request led by Congressman Robert Pittenger (NC-09), the Securities and Exchange Commission (SEC) on Thursday extended the deadline for public comment on the proposed Chinese takeover of the Chicago Stock Exchange from January 3rd into mid-to-late February. 

The previous public comment period (December 12-January 3) fell mostly over the holidays and led Congressman Pittenger to conclude the SEC was attempting to rubber stamp the transaction.

In a December 22nd bipartisan letter to the SEC, Congressman Pittenger wrote:

“The integrity of and confidence in America’s financial markets is a bedrock component of our nation’s security.  This transaction raises serious questions that go well beyond the limited scope of review that has already taken place.  Allowing an entity such as CCEG (China’s Chongqing Casin Enterprise Group) to acquire one of our nation’s exchanges – with the access, information, and opportunities that exist to undermine U.S. interests – is a very serious matter.

“Given these concerns, we urge you to consider rejecting this transaction.  Further, we request that you extend the public comment period on this transaction beyond the current end-date of January 3, 2017.  We strongly object to the timing of this comment period given the weight of this transaction.  Holding the public comment period for a brief duration during the holiday season clearly indicates an effort to avoid negative response.”


Congressman Pittenger’s December 22nd letter to the SEC was co-signed by United States Representatives Earl L. “Buddy” Carter (R-GA), Peter DeFazio (D-OR), Collin Peterson (D-MN), and David Joyce (R-OH).

China’s communist government remains the world’s number one state-sponsor of cyber-espionage and corporate theft.  Chongqing Casin Enterprise Group, which is attempting to purchase the Chicago Stock Exchange, has close ties to China’s communist government, potentially allowing China’s cyber warriors direct access to manipulate the $22 trillion U.S. equity marketplace.

 

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