To Senator Charles Schumer of New York
Dear Senator Schumer:
Congratulations on your party's recent electoral wins. We hope you'll enjoy control of Congress and we're sure your own considerable influence and power on the Senate Finance Committee will only grow when Max Baucus takes over as chairman.
By now, we're sure you've seen our report on regulation and capital markets. You may also have noticed the line that says "Our recommendations are addressed to the President of the United States."
Please pay that no mind—Hank asked us to throw that in, and really, how could we say no? But you'll see that we address you directly, if not by name, right on page 2, in this passage:
The well-being of public capital markets is especially important to New York State and the Tri-State area. In New York State and New York City last year, respectively, the securities industry accounted for 2.2 percent and 4.7 percent of total employment, 12.5 percent and 20.7 percent of total wages, and 9.2 percent and 14.1 percent of total annual gross income.
Also, Senator, check out pages 26-27—just wanted to remind you that the securities industry paid $8.2 billion in New York state taxes, or 18.7 percent of total tax receipts in 2001. That's for your consideration, sir, not the president's. Heck, New York didn't even vote for him.
Sincerely Yours,
The Committee on Capital Markets Regulation
p.s.—If you see Barney Frank, please wish him well as new Chairman of the House Financial Services Committee and show him the last line of our introduction that says "Future reports may evaluate the competitiveness of mutual fund . . . markets." We understand that's big business up in Boston.
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