Texas Stock Exchange CEO: Red Tape Fueled Drop in Public Cos.
Dow Jones10-06
1707 ET - The 50% drop in the number of public companies over the past 30 years has been fueled by a rise in regulatory and legal hurdles and burdensome reporting requirements, Texas Stock Exchange CEO James Lee says in a CNBC interview. "It has frankly become too complex, too costly, and legally treacherous to be a public company in this country," he says, adding that Nasdaq and the New York Stock Exchange "have not provided solutions." Lee says he supports the SEC's effort to roll back reporting requirements, adding that Texas represents a favorable environment for businesses seeking to avoid litigation battles. "The movement of companies to the Texas Stock Exchange is proof that there's another way," he says.
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