I could not agree more with the following:
Second, the legal environments in other nations, including Great Britain, far more effectively discourage frivolous litigation. While nobody should attempt to discourage suits with merit, the prevalence of meritless securities lawsuits and settlements in the U.S. has driven up the apparent and actual cost of business – and driven away potential investors. In addition, the highly complex and fragmented nature of our legal system has led to a perception that penalties are arbitrary and unfair, a reputation that may be overblown, but nonetheless diminishes our attractiveness to international companies. To address this, we must consider legal reforms that will reduce spurious and meritless litigation and eliminate the perception of arbitrary justice, without eliminating meritorious actions
However, regarding the following:
Third, and finally, a highly skilled workforce is essential for the U.S. to remain dominant in financial services. Although New York is superior in terms of availability of talent, we are at risk of falling behind in attracting qualified American and foreign workers. While we undertake education reforms to address the fact that fewer American students are graduating with the deep quantitative skills necessary to drive innovation in financial services, we must also address U.S. immigration restrictions, which are shutting out highly-skilled workers who are ready to work but increasingly find other markets more inviting. The European Union’s free movement of people, for instance, is attracting more and more talented people to their financial centers, particularly London. The United States has always been a beacon for the world’s best and brightest. But to compete with the growing EU and Asian markets—in a way that grows our economy and creates jobs across the nation—we must ensure that we make it easier for talented people to move to the U.S. to pursue education and employment.
How do we accomplish this without also opening our country to a massive influx of the less than best and brightest? |
