Restoring America’s Lead in World Capital Markets
On Monday, I had the privilege of ringing the opening bell at the American Stock Exchange. I was proud to be part of their fine mission to provide a superior marketplace for the investing public and its members. The exciting event reminded me that America has the most robust and resilient economy in the history of the world due to policies based on freedom and limited government.
With the unemployment rate at a five-year low and with 2.3 million new jobs created just in the last year, I was proud to visit AMEX as a member of Congress who understands the importance of the tax cuts that have led to this growth.
As we approach the 110th Congress, I certainly hope Nancy Pelosi and the Democratic Party recognize just how critical it is to maintain the tax cuts and keep hard-earned dollars in the pockets of American taxpayers.
I was also reminded of the importance of restoring America’s lead in world capital markets. The high burden of regulation and compliance is outsourcing America’s lead. More companies are increasingly turning to London or Luxembourg instead of New York to raise capital. It is time to review the effects of Sarbanes-Oxley and keep that which is a net advantage to the investor and reform those provisions that put investors, companies, and the American economy at a disadvantage.