Ad - "Open letter to the President" on the CFPA
"What Congress should be doing is what's right for the country, not what is politically popular at the time."
- New York City Mayor Michael Bloomberg, April 12, 2010
Dear Mr. President:
We couldn't agree more. And the time to act is now.
Like you, we have been focused on the urgent need for financial regulatory reform for some time. That is why three years ago we proposed bipartisan, sweeping reforms.
It's been 75 years since we last overhauled our financial regulations. Business supports and needs reforms. The American economic recovery depends on getting these reforms right so that businesses of all sizes can get the cash they need to create new jobs, invest in new products, and find new customers.
In your speech more than two years ago at Cooper Union you said, "Our capital markets have helped us build the strongest economy in the world. They are the source of competitive advantage for our country." You laid out six principles for reform that we agreed with then–and still support.
Business has joined you in calling for ending "too big to fail," protecting consumers, and bringing transparency and regulation to derivatives markets. We need to close the clear gaps in regulation, eliminate duplicative layers, and create a regulatory structure to ensure that we once again have the most vibrant, efficient, and transparent capital markets in the world.
Unfortunately, the legislation currently pending in Congress does not achieve these goals or meet your principles.
As our predecessors did 75 years ago, we need to get these new reforms right.
There is still time to fix the flaws in the legislation that Congress is considering if our leaders can set politics aside and focus on effective reforms. We have proposed specific changes to help ensure that Main Street businesses are not harmed by the pending proposals. We pledge to work with you and Congress to achieve bipartisan, comprehensive reforms.
Mayor Bloomberg has pointed out that beating up on Wall Street may be good short-term politics&ndashpbut not if it gets in the way of the right solutions. The American people have a right to expect us to get these reforms right.
Respectfully,
The United States Chamber of Commerce
Learn more at www.StopTheCFPA.com
