NY in danger of losing it's status as world financial center in 10 years
"When Wall Street Sneezes New York gets the Flu"
It's not about crossing the Hudson River to Jersey City for cheaper office space anymore. It's about crossing the Atlantic to Europe for less regulations.
A study was released yesterday by Mayor Bloomberg and Senator Shumer that says NY is in danger of losing it's status as a world financial center within 10 years without shift in Regulation and Policy.
Stringent Regulations, High Litigation Risk and Immigration Policy Causing New York's Financial Markets to Lose Business and High-Skilled Workers to London and her Overseas Competitors at Rapid Rate.
Governor Spitzer Joins Schumer and Bloomberg in Supporting Sweeping New Plan to Adapt US Financial Services to World Changes and Reaffirm New York's Number One Position as Financial Capital of the World.
Schumer and Bloomberg, together with New York Governor Eliot Spitzer, warned that New York financial markets, stifled by stringent regulations, and high litigation risks, are in danger of losing businesses and high-skilled workers to overseas competitors, relegating New York to regional market status and adversely impacting the U.S. economy. Today, Schumer and Bloomberg, with the backing of Governor Spitzer, unveiled a sweeping plan to revitalize U.S. financial markets and reaffirm New York's position as the financial capital of the world.
"If New York goes from being the financial capital of the world to becoming only a regional market, as this report predicts will happen within the next ten years, every aspect of New York life will suffer, not just financial services," Senator Schumer said. "The fact that Eliot Spitzer has joined us shows a united New York front in fighting hard to keep us where we should be, as number one."
"Let's be clear: The financial services industry is one reason that the 20th century was the American century and that New York became the world's capital," said Mayor Bloomberg. "We've outlined a range of practical yet innovative steps to ensure the 21st century is just as bright. This is one of many challenges to our long-term economic health and stability that require we move beyond partisanship to find solutions."
For the complete press release including recommendations to sustain the nation's and New York's global financial services leadership: Watch the video in dial-up or broadband Read the report (in PDF)
It's not about crossing the Hudson River to Jersey City for cheaper office space anymore. It's about crossing the Atlantic to Europe for less regulations.
A study was released yesterday by Mayor Bloomberg and Senator Shumer that says NY is in danger of losing it's status as a world financial center within 10 years without shift in Regulation and Policy.
Stringent Regulations, High Litigation Risk and Immigration Policy Causing New York's Financial Markets to Lose Business and High-Skilled Workers to London and her Overseas Competitors at Rapid Rate.
Governor Spitzer Joins Schumer and Bloomberg in Supporting Sweeping New Plan to Adapt US Financial Services to World Changes and Reaffirm New York's Number One Position as Financial Capital of the World.
Schumer and Bloomberg, together with New York Governor Eliot Spitzer, warned that New York financial markets, stifled by stringent regulations, and high litigation risks, are in danger of losing businesses and high-skilled workers to overseas competitors, relegating New York to regional market status and adversely impacting the U.S. economy. Today, Schumer and Bloomberg, with the backing of Governor Spitzer, unveiled a sweeping plan to revitalize U.S. financial markets and reaffirm New York's position as the financial capital of the world.
"If New York goes from being the financial capital of the world to becoming only a regional market, as this report predicts will happen within the next ten years, every aspect of New York life will suffer, not just financial services," Senator Schumer said. "The fact that Eliot Spitzer has joined us shows a united New York front in fighting hard to keep us where we should be, as number one."
"Let's be clear: The financial services industry is one reason that the 20th century was the American century and that New York became the world's capital," said Mayor Bloomberg. "We've outlined a range of practical yet innovative steps to ensure the 21st century is just as bright. This is one of many challenges to our long-term economic health and stability that require we move beyond partisanship to find solutions."
For the complete press release including recommendations to sustain the nation's and New York's global financial services leadership: Watch the video in dial-up or broadband Read the report (in PDF)
Very interesting Mitchell. It made me want to get the entire report and read the interviews with those financial leaders. I especially like the suggested easement of restrictions on skilled workers in the immigration policy and the National Commission idea. What is it that they say, competition can make us stronger?
ReplyDeleteCarole, Back in the 80's the company I was working for wanted to relocate me to run our London office. The British government gave us a really hard time. We had to try and find a British person who could do the job. We had to get attorney's run ads in British papers etc. My assistants mother was British , he had dual citizenship and a British passport so he got the job. We have tough immigration laws here to. It takes years to get a green card. My friend was a doctor in England and had to start all over doing intern and residency here in the US...seems kind of silly when we are supposedly a free market world economy.
ReplyDeleteIt's a maze of red tape Mitchell, that seems a bit unnecessary! It also sounds like it added a lot of extra time onto the job search process when a job wasn't getting done so bad economics for that company! I'm sorry you didn't get to have a London living experience, even though I know you love NY :-) For whatever reason, if it can be mucked up, immigration policy usually does it lol
ReplyDeleteAnd everyone may want to try the video link you added; listening to Mayor Bloomberg explain the situation makes it clear it's a United States issue as well as a NYC issue.
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