Bloomberg-Schumer Report on Financial Markets' Competitiveness

NYC Mayor Michael Bloomberg and NY Senator Charles Schumer issued a report  that warns that "if we do nothing, within ten years while we will remain a leading regional financial center, we will no longer be the financial capital of the world." It finds, among other things, that:  the U.S. regulatory framework is a "thicket of complicated rules, rather than a streamlined set of commonly understood principles."  It calls for re-examination of SOX implementation, legal reforms to reduce meritless litigation, and easing immigration restrictions.