Press Release: "Hagel Praises Paulson Remarks on Excessive Regulation"

Senator Hagel's office put out this press release yesterday:

Hagel Praises Paulson Remarks on Excessive Regulation

November 20th, 2006 - WASHINGTON, D.C. - U.S. Senator Chuck Hagel (R-NE), a member of the Senate Banking Committee, released the following statement today regarding remarks given by Treasury Secretary Henry Paulson to the Economic Club of New York warning against excessive regulation in capital markets:

“Secretary Paulson’s remarks today warning against excessive regulation shows a critical understanding of what will be required for America to remain competitive in the 21st Century. One of the most important requirements for a company in today’s modern economy is access to capital through the financial markets.

“We can’t let the cost of doing business in the U.S. become so onerous and burdensome that we drive investors and capital offshore. Our markets are the best in the world. We need to make sure the world continues to have confidence in our markets. But there are ominous signs of erosion in America’s capital markets. For example, in 2001, 59% of all global international Initial Public Offerings (IPOs) were listed in New York and 9% in London. In 2006, only about 6% of all global IPOs were listed in New York and 25% in London. Since the end of 2004, 30 foreign companies have left the NYSE and Nasdaq. In 2005, only one out of the world’s top 24 IPOs was registered in the U.S.

“I appreciate Secretary Paulson’s leadership on this issue. It will be critically important as the new Congress addresses these 21st Century market issues. The U.S. has paid little attention to trade and these big economic and competitive issues over the last few years.”