Although the early Ptolemaic and Aristotelian concept of geocentrism - that the planets and Sun revolve around Earth - was discredited by Copernicus and Galileo by the late 16th century, many Americans residing in Congress and at certain regulatory agencies adhere to their own brand of "American geocentrism". This takes as axiomatic that anything and everything American is not only good, it is the best. Nowhere do adherents deem this doctrine more applicable than in the regulation of capital markets.

For decades, American geocentrism, while misguided, was not terribly damaging. US capital markets have been the most liquid and efficient. Over the past two decades, however, the application of American geocentrism to US capital markets has been discredited. Regulatory counterparts abroad have done an admirable job, not only catching up with American capital market regulation, but surpassing US standards and performance in many areas.