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Congressmen Claim a Victory In U.S. Decimal Stock Switch

Traders Magazine, May 1998

Jeffrey L. Winograd

A decimal-based U.S. stock system has moved one step closer to becoming a reality perhaps in the summer of 2000 thanks in part to the unrelenting efforts of Rep. Michael Oxley (R-Ohio) and Rep. Edward Markey (D-Mass.).

Holding a new General Accounting Office (GAO) report in one hand and a ream of letters from four exchanges, the National Association of Securities Dealers and the Securities and Exchange Commission in the other a triumphant Oxley announced at a Capitol Hill hearing that opponents of decimalization have been brought to their knees.

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