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U.S. may lose financial lead

U.S. may lose financial lead

by Toby Lucich on January 23, 2007

The U.S. will lose its place as the world’s leading financial center in the next decade without legal and regulatory changes, according to a report commissioned by New York Mayor Michael Bloomberg and Sen. Charles Schumer.

The study suggests exempting some non-U.S. companies from the Sarbanes-Oxley corporate-governance regulations. The findings are based on interviews with 50 chief executive officers and business leaders and a survey of 305 other executives in the financial-services industry.

The recommendations are the latest volley from business groups and politicians seeking to ease the U.S. regulatory framework on concern it’s eroding the country’s competitive advantage.

U.S. may lose financial lead

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