Letter Opposing an Amendment Expected to be Offered by Sen. Mark Udall to S. 3217, the "Restoring American Financial Stability Act of 2010"
TO THE MEMBERS OF THE UNITED STATES SENATE:
The U.S. Chamber of Commerce, the world's largest business federation representing the interests of more than three million businesses and organizations of every size, sector, and region, strongly opposes an amendment expected to be offered by Sen. Mark Udall to S. 3217, the "Restoring American Financial Stability Act of 2010," which would require the three national credit reporting agencies to provide their credit scores to consumers without compensation.
Many U.S. companies develop software technology and provide consumers with a range of outstanding products and services through substantial financial investments and years of hard work. Businesses are able to provide their products and services to consumers primarily because of the intellectual property protections afforded their technology and business processes. The Udall amendment would set a harmful precedent that the government could require businesses to provide for free the products and services for which they hold proprietary ownership or licenses and have invested millions of dollars to develop.
Requiring companies to offer proprietary products and services without compensation would stifle investment by businesses in the development of innovative new products and services for consumers. Companies should be permitted to charge a fair and reasonable fee for the use of their intellectual property as one means to encourage the continued investment in the development of such products.
The Chamber urges you to oppose the Udall amendment as it would establish a harmful precedent for all businesses that develop proprietary software and products. The Chamber may consider votes on, or in relation to, this issue in our annual How They Voted scorecard.
R. Bruce Josten