U.S. Chamber of Commerce - September 21 - U.S. Chamber Encourages Congress to Let the CFIUS Process Work

U.S. Chamber Encourages Congress to Let the CFIUS Process Work

WASHINGTON, D.C.-The U.S. Chamber calls for a measured tone by all parties in addressing today's proposed deal between the Dubai Bourse and NASDAQ. The proposed deal would give the Dubai Bourse less than a 20 percent stake in NASDAQ and limit Dubai's voting rights in the New York based exchange to 5 percent. These ownership and control limitations are pursuant to Nasdaq's corporate charter and cannot be changed without U.S. Securities and Exchange Commission approval.

The proposed transaction reinforces the global importance of U.S. capital markets and potentially paves the way for NASDAQ to strengthen its global presence both in Europe and the Middle East, according to the Chamber. The deal is expected to undergo a formal review process by the Committee on Foreign Investment in United State (CFIUS).

The Chamber urges members of congress to let the CFIUS process accomplish what it was designed to do. The Chamber's Executive Vice President for Government Affairs, Bruce Josten said, "A lot of people spent time and effort over the last year to ensure that we created a CFIUS process that works in the aftermath of the failed Dubai Ports World deal."

"If we learned anything from the Dubai Ports World incident, it is that the CFIUS process exists for a reason. Congress, in a bipartisan way, passed new CFIUS legislation this summer. Let's let the process work," Josten said.

The U.S. Chamber is the world's largest business federation, representing more than 3 million businesses and organizations of every size, sector, and region.

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