Abstract
With the onset of the 2007 financial debacle, the US enacted a series of regulatory reforms. These reforms were implemented to protect the US market and stop the illegality that was disrupting the economy. These legislations were also intended to restore the American people’s confidence, mainly in the financial industry. However, US lawmakers need to realize that their laws have extraterritorial effects that could cause harm to US employees, businesses and the overall US economy. The financial industry is inherently globally interconnected. There is a need for US lawmakers to factor in the global effects, when creating US legislation affecting the financial markets. Thus, US legislation concerning the financial markets is having a negative impact globally, which in turn, affect the US financial markets. Mainly, in part, foreign companies experience a host of obstacles: compliance burdens, added cost to adhere to the laws, foreign laws conflict with US laws, and loss of a country’s sovereignty.
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