The CEO of the Chicago Mercantile Exchange (CME), Terry Duffy, on Monday threatened to relocate the financial institution if newly inaugurated Mayor Brandon Johnson imposes taxes on financial transactions, a policy Johnson championed during his campaign.
CME Group Inc. is prepared to leave Chicago if the city takes "ill-conceived" steps toward taxing financial transactions, Duffy said, according to Bloomberg.
"Mr. Johnson has no legal authority to impose a transaction tax on my business," Duffy continued, adding that fighting crime should be the news mayor's focus. Johnson also shouldn't "get too bogged down on how he's going to short-term think he's going to raise taxes on certain people in order to fit his agenda."
The CME holds a dominant position in Chicago's financial landscape, serving as the leading exchange for derivatives and commodities and contributing significantly to the local economy. Johnson won the mayoral race on slim margins, and his promise to tax financial transactions has ruffled feathers in the financial sector. Duffy's ultimatum presents a high-stakes showdown between the mayor's politics and a global financial powerhouse.
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