U.S. Securities and Exchange Commissioner Rob Jackson told Reuters on Tuesday th...
WASHINGTON - U.S. Securities and Exchange Commissioner Rob Jackson told Reuters on Tuesday that he supports so-called direct listings as a way to help bring down the excessive fees companies pay to Wall Street banks in order to go public.
Jackson, a Democratic commissioner who was a capital markets banker early in his career, said he could not comment on the NYSE’s specific proposal but that he generally welcomed innovations that could reduce the 7% fee companies raising less than $1 billion typically pay to Wall Street banks to go public.
“In the modern world we live in, where everything costs less, it is astonishing that we charge a 7% tax to give people access to the public capital markets of the United States,” Jackson said. He also rejected the claim frequently made by corporate lobbyists that red tape is the main reason the number of public companies has declined over the past 20 years.
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