Congress May Review Plans by Nasdaq, NYSE

Rep. Michael G. Oxley (R-Ohio) said Wednesday that it would be “appropriate” for Congress to hold hearings before the New York Stock Exchange or Nasdaq Stock Market proceed with plans to convert to publicly traded institutions.

NYSE Chairman Richard Grasso has set a Thanksgiving target for a Big Board stock offering.

Oxley, who chairs the Finance subcommittee of the House Commerce Committee, called that timetable “pretty quick,” given the other challenges the markets face, such as coping with the Y2K computer problem and converting to decimal pricing next year.