In a filing with the Securities and Exchange Commission last week, the NYSE said tighter monitoring is needed because of heightened security concerns following the Sept. 11 terrorist attacks. The proposal, which seeks "accelerated" approval by May 30, would cover employees, service providers, contractors and even journalists who report regularly from the NYSE.

Currently, the NYSE conducts checks only for some of its staff, as well as regular visitors who pose a clear risk, such as those carrying weapons, said NYSE spokesman Ray Pellecchia.

The NYSE argued the security measure is permissible under a recent change to state law, which requires "self-regulatory organizations in New York to fingerprint their employees and those non-employee service providers whose access to facilities or records places the self-regulatory organization at risk."

But some legal experts questioned whether the proposal might violate constitutional rights. They said requiring fingerprinting for submission to a federal agency could represent an unreasonable search by the government under the Fourth Amendment.

"We need to know what is the (full) justification for this, whether it is sufficient to overcome privacy," said Barry Friedman, a constitutional law expert at New York University.

Herb Perone, a spokesman for the SEC, said the proposal is being considered but said granting accelerated approval is "pretty unusual." Typically, the SEC seeks public comment on a rule proposal for several weeks first, he said.

-- Hope Yen, AP Business Writer