New York could lose its position as the world's premier financial center within the next decade without major course corrections in public policy, says a report released Jan. 22 by Mayor Michael Bloomberg and Sen. Charles Schumer (D-NY). New York's financial markets are beset by complicated SOX rules, frivolous litigation, and tough foreign competition for human talent, the report states. The report lays out a number of recommendations, including support for an optional federal charter for insurers that "would benefit the competitiveness of both domestic and international firms doing business in the United States."