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WASHINGTON – The Securities and Exchange Commission (SEC) today blocked the Chinese takeover of the Chicago Stock Exchange due to concerns about the proposed ownership structure.

Congressman Robert Pittenger (NC-09), who led a two-year, bipartisan effort urging regulators to block the deal, issued this statement:

“This has been a long fight, and I am grateful we now have a President who recognizes the national security threats of allowing a Chinese government-affiliated company to own the Chicago Stock Exchange. The Obama Administration was misguided and fully endorsed this transaction!

“We must continue to be vigilant, with thorough oversight, to prevent the highly-coordinated and strategic efforts of the Communist Chinese government to threaten our national security through malicious business investments.”

China’s communist government remains the world’s number one state-sponsor of cyber-espionage and corporate theft. Chongqing Casin Enterprise Group, which attempted 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 U.S. equity marketplace and steal sensitive information.

Congressman Pittenger first asked the Committee on Foreign Investment in the United States (CFIUS) to block the Chicago Stock Exchange transaction in February 2016. When the Obama Administration approved it, Congressman Pittenger began urging the SEC to reject the deal.

Congressman Pittenger and Senate Majority Whip John Cornyn (R-TX) have introduced legislation to strengthen how CFIUS reviews the national security risks of foreign investments. Their Foreign Investment Risk Review Modernization Act (H.R. 4311) has been endorsed by President Trump, Defense Secretary Mattis, Treasury Secretary Mnuchin, and Attorney General Sessions.