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Deutch: NYSE Must Retain Name as Precondition of Merger


Location: Washington, DC

Rep. Ted Deutch released the following statement regarding widespread reporting regarding Deutsche Boerse's posible merger with the New York Stock Exchange (NYSE Euronext) and the possibility that the New York Stock Exchange (NYSE) name could be changed now or at any point in the future.
Statement by Congressman Ted Deutch

"The ultimate merits of this potential merger will be debated in the days and months ahead, however, one absolute precondition of this merger must be that the iconic name of the New York Stock Exchange remain unchanged forever. The power and history of the name spans generations from the first use of the NYSE name in 1863, to the rebuilding of our economy after the Great Depression and the dramatic reopening of trading following devastating terrorist attacks on September 11, 2001. The New York Stock Exchange is a foundation of the extraordinary American economic success story, and its name rightfully reflects the United States' position as the financial center of the world."

"America has a tradition of protecting its national icons and we must act to protect the New York Stock Exchange. Just as we wouldn't change the name of the Statue of Liberty, Mt. Rushmore or the Golden Gate Bridge, a new majority owner, whether foreign or American, cannot be allowed to change the name of the New York Stock Exchange."

"A policy discussion will begin about the ultimate merits of this merger, and as a Member of the House Judiciary Committee I look forward to engaging in that discussion. However, as a Member of Congress that represents tens of thousands of native New Yorkers, many of whom worked their entire careers at the NYSE, I know that any change to the name of this institution would tarnish our shared history and must not be permitted."

Congressman Ted Deutch (D-FL-19) is a Member of the House Judiciary and House Committee on Foreign Affairs.

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