The U.S. has lost its competitive edge because the regulatory environment is driving businesses to overseas exchanges and private sources to raise money, a panel of entrepreneurs and academics, endorsed by Treasury Secretary Henry Paulson, said in a report to the White House released Thursday.

The Committee on Capital Markets Regulation concluded that increased oversight by regulators and prosecutors in the five years since the Enron Corp. and WorldCom scandals has put U.S. markets at a competitive disadvantage.

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