SOX Center

Treasury Secretary Henry Paulson said Tuesday a balance must be struck between ensuring the competitiveness of financial markets and protecting investors.

Paulson addressed a gathering of top business leaders and former government officials. The conference followed months of campaigning by American business for an easing of laws and regulations established after the Enron debacle.

Paulson said the laws and regulations have been, ‘’extensive and significant, so it is quite naturally taking time for companies to understand, process and implement the new rules and requirements.'’

However, he said, ‘’the principles behind them have been positive, as have many of the results.'’

Panelists included billionaire investor Warren Buffett, General Electric Co. Chairman Jeffrey Immelt, brokerage founder and CEO Charles Schwab, former Federal Reserve Chairman Alan Greenspan and New York Mayor Michael Bloomberg. Paulson and Christopher Cox, the chairman of the Securities and Exchange Commission, are serving as moderators.

NYT: Paulson Addresses Top Business Leaders

The city is losing its competitive edge and could give up its place as the financial capital of the world in as little as 10 years, a study has found.

The study was commissioned by Mayor Michael Bloomberg and Sen. Charles Schumer, who have been concerned about what they say is a growing threat to New York’s position as an international leader.

‘’Unless we take corrective steps, and soon, we’re going to see America’s leadership in global financial transactions dwindle, putting a chill on the nation’s economy and the city’s,'’ Bloomberg said at a City Hall news conference. ‘’That will spell fewer jobs and slower overall growth.'’

Bloomberg, a Republican and former CEO, and Schumer, a Democrat, outlined the report’s findings and recommendations, which include some changes specific to an anti-fraud law, known as the Sarbanes-Oxley Act, enacted in 2002 amid a spate of corporate scandals.

NYT: Report: NYC May Lose Top Financial Spot