2011年8月17日星期三

American Competitiveness: Too Many Rules

And that's the VOA Special English Economics Report, written by Mario Ritter. I'm Bob Doughty.



By Mario Ritter

2006-12-7

The World Economic Forum this year rated the United States sixth in competitiveness, behind smaller countries like Finland and Switzerland. But it was first among the largest economies.

Still, Securities and Exchange Commission Chairman Christopher Cox wants his agency to reconsider some rules based on their costs.

Among other things, the law requires public companies to report yearly on their financial reporting controls. The committee says this rule, in the first year, cost businesses an average of more than four million dollars.



Yet the committee says only five percent of the value of the world's newly offered stock last year was raised in the United States. In two thousand, it was fifty percent.

This is the VOA Special English Economics Report.

The committee is a private group of twenty-two leaders from areas including business, finance, law and accounting. Treasury Secretary Henry Paulson praised the committee when it was announced in September.

Last week, a committee released proposals to make America's publicly traded companies more competitive. The Committee on Capital Markets Regulation says costly and complex rules hurt the position of the United States.

Sarbanes-Oxley created the Public Company Accounting Oversight Board. The law also holds business leaders legally responsible for their company's financial statements.

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