CME's Duffy to lecture legislature on evils of transaction tax

CME Group Executive Chairman and President Terry Duffy will appear before a joint hearing of the Illinois Senate and House Revenue Committees today to discuss how imposing a proposed tax on financial transactions would harm Illinois consumers, agricultural producers, businesses and the state economy.

"A financial transaction tax is a sure way to drive the jobs, tax revenues and economic opportunity that our industry provides right out of the state," said Duffy. "In addition, a transaction tax will cost consumers far more than it could ever raise in revenues. Every business that uses our markets to manage risks, from local farmers and ranchers to global companies in every market sector, would face higher costs. And as a result, consumers would pay more for food, gas, airline tickets, and other products they use every day. This is another example of being penny-wise and dollar foolish."

"We must all take a long-term view for the benefit of the health of this state and not make any politically-driven decisions based on any particular election cycle. I stand ready to work with Illinois to support a fiscal solution – but a transaction tax would be a fiscal disaster."

The hearing is scheduled for 2 p.m. in the Michael A. Bilandic Building in Chicago. Duffy's testimony will be available on at that time.