City of New York

Sustaining New York’s and the US’ Global Financial Services Leadership

Dear Fellow Americans, The 20th Century was the American century in no small part because of our economic dominance in the financial services industry, which has always been centered in New York. Today, Wall Street is booming, and our nation’s short-term economic outlook is strong. But to maintain our success over the long run, we must address a real and growing concern: in today’s ultra-competitive global marketplace, more and more nations are challenging our position as the world’s financial capital. Traditionally, London was our chief competitor in the financial services industry. But as technology has virtually eliminated barriers to the flow of capital, it now freely flows to the most efficient markets, in all corners of the globe. Today, in addition to London, we’re increasingly competing with cities like Dubai, Hong Kong, and Tokyo. The good news is that we’re still in the lead. Our financial markets generate more revenue than any other nation, and we continue to be home to the world’s leading companies, which help form the backbone of our national economy. In fact, for every 100 Americans, five work in financial services – and these jobs are not just in New York and Chicago. In states as diverse as Connecticut, Delaware, South Dakota and North Carolina, the financial services industry employs major portions of the workforce. All Americans have a vested interest in strengthening America’s financial services industry, and the time has come to rally support for this effort. To stay ahead of our hard-charging and dynamic international competitors, and to ensure our nation’s long-term economic strength, we can no longer take our preeminence in the financial services industry for granted. In fact, the report contains a chilling fact that if we do nothing, within ten years while we will remain a leading regional financial center; we will no longer be the financial capital of the world. We... [continues]

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