Cboe Political Action Committee

About Cboe PAC


The Cboe PAC was organized in 1980 as a voluntary, not-for-profit, unincorporated political action committee with a membership basis. Following the Cboe IPO in June 2010, the Cboe PAC was reclassified through a filing change with the Federal Election Commission (FEC) as a PAC affiliated with a corporation, resulting in changes to the solicitable class. The Cboe PAC is independent of any political party, or candidate.

The Cboe PAC supports federal incumbent candidates for office. The guidelines for support include, but are not limited to:

  • Position and voting record on issues
  • Leadership position and committee assignments
  • Competitive race and candidate's financial needs
  • High integrity and character

Board Structure

The Cboe PAC Board may solicit and accept voluntary contributions from Cboe Shareholders, Cboe Board Members and Cboe Employees with managerial authority. Contributions are intended to support the reelection of candidates for federally elected public offices (Congressional Committees – individual and party are eligible to receive PAC Funds). The PAC board is allowed to set tighter guidelines for contributing to candidates, but cannot expand the guidelines beyond what is allowable by the FEC.

Any major expenses incurred by the Cboe PAC are paid for by Cboe Global Markets. Such expenses include postage and printing expenses for solicitations, as well as cost incurred for raffle prizes and staff salaries.

The Cboe PAC Board which oversees the Cboe PAC, consists of the following members:

  • Ed Barry
  • Lita Frazier-Brannan
  • Angelo Evangelou
  • Brian Schell
  • Curt Schumacher
  • Sharon Stanciel
  • Ed Tilly, Chairman

Contributions to the Cboe PAC

The Cboe PAC Board initiates a PAC fund drive once a year (or as determined by Cboe Management based on funds needed for a competitive PAC). The PAC Board is able to solicit from all three categories of donors through methods determined and approved by the Cboe PAC Board. Examples of solicitation include a direct ask for financial support for the Cboe PAC. Solicitations may come in the form of an email, a meeting, a letter, or other methods of communication. Questions regarding PAC policies (whom we support, etc.) may be directed to the Cboe Market Policy & Governmental Affairs Department – [email protected] or to the PAC Administrator. The solicitation of an eligible donor must comply with all FEC guidelines and contribution limits.

All contributions coming into the Cboe PAC must be given to one designee, the PAC Administrator. The PAC administrator has all authority to process the contributions on the Government Relations side and brings them with proper documentation to accounting. One employee in accounting is then designated to accept the PAC contributions. In the event of absence on either the Gov. Relations or accounting side, a designate from each department will be trained in handling the contributions so that time is not lost and compliance with the FEC guidelines are ensured.


The Cboe PAC will disburse (contribute) funds to federal candidates for Congress. The PAC can legally contribute to all Federal Committees per the FEC guidelines. Pursuant to the PAC Board and Cboe Government Relations, the PAC contributes to federal incumbents and their leadership PACs with few exceptions. The Cboe PAC will generally not contribute to a challenger in a race against an incumbent, however can choose to contribute to an open race, with special consideration given if the race is in a jurisdiction where Cboe primarily operates.

The Cboe PAC can contribute $10,000 ($5,000 for the primary and $5,000 for the general) to both U.S. Representatives (elected every 2 years) and Senators (elected every 6 years). Both leadership PACs and reelection PACs are eligible for contributions, so it is possible to give one member of congress $20,000 in a two year cycle, provided that the member is in a leadership role.


The Cboe PAC creates a budget at the beginning of each two year cycle. The budget is created with input from all Cboe Government Relations staff and consultants. The budget outline givings for the entire two year cycle, and is organized by Congressional Committee. The budget is then presented to the entire PAC Board for approval.

The budget, once Board approved, is given to accounting as reference for future check requests. Cboe PAC generally does not allot its entire budget, and reserves the right to modify or change the budget to make additional contributions. Requests for contributions come from several different sources and can coincide with a visit to the Exchange, or an event in Washington, Chicago or a destination.

Further Disbursement Information