NYSE CEO Stacey Cunningham recalls the 9/11 terrorist attacks and discusses the importance of getting people back into office to support the economy.
The president of the New York Stock Exchange could leave New York State if Albany imposes a transfer tax on stock sales, the president of the Intercontinental Exchange Inc. stock exchange said in a comment in the Wall Street Journal on Tuesday.
Stacey Cunningham, president of the NYSE, said she and 25 other representatives of the security industry in New York sent a letter to the legislative leaders last Wednesday, warning of the unintended consequences of imposing such a tax that would eventually be borne by investors. will be.
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‘The New York Stock Exchange belongs in New York. If Albany lawmakers get their way, the global financial industry hub may have to find a new home, ‘she said.
A NYSE representative declined to comment further.
The state of New York has serious budget deficits due to the COVID-19 pandemic, which forced some state legislators to introduce a bill here that would tax certain financial transactions.
The idea of a new transaction tax seems to have little support at the governor’s office.
When the topic came up at a press conference in January, Budget Director Robert Mujica said many ideas about such taxes ‘have not yet been implemented’, according to a copy of the remarks made by a New State official. York to Reuters. Distribution of the budget.
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Mujica pointed to a financial tax proposed in New Jersey last year, where many exchanges host their servers, noting that the exchanges quickly mobilized to temporarily move their employees and activities out of state.
The pandemic has shown that people can do business anywhere, he said. “So if we raise taxes like that, you’ll mobilize people, possibly move your transactions and your servers to another part of the country where the tax does not exist.”