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SarbOx vs. NYC's future, cont'd

John Fund in the WSJ's OpinionJournal.com, on some of the evidence Gov.-elect Spitzer is at such pains to ignore or deny:

This year, Hong Kong is likely to end up as the No. 1 market for stock offerings world-wide....Henry Tang, Hong Kong's financial secretary, couldn't be more blunt on the good fortune Sarbanes-Oxley has brought his city. ... "Thank you, Mr. Sarbanes and Mr. Oxley," he said, referring to Democratic Sen. Paul Sarbanes and GOP Rep. Mike Oxley, the law's chief sponsors.

Other stock markets are doing all they can to avoid emulating U.S.-style regulation. Ed Balls, Britain's economic secretary, says that his government will continue "to safeguard the light touch and proportionate regulatory regime that has made London a magnet for international business." He recently traveled to Hong Kong to call for a "strengthened partnership" between the "two leading global financial centers."...

Last week Stephen Ross, one of New York's premiere developers, warned of a ripple effect: By pushing companies abroad, Sarbox could weaken New York's real estate market. That's why Rep. Gregory Meeks, a Democrat from Queens, is sponsoring legislation to ease Sarbox's audit burden for small companies.



Rafael Mangual
Project Manager,
Legal Policy

Manhattan Institute


Published by the Manhattan Institute

The Manhattan Insitute's Center for Legal Policy.