Letter Opposing the Conference Report for H.R. 4173, the "Dodd-Frank Wall Street Reform and Consumer Protection Act"

TO THE MEMBERS OF THE UNITED STATES CONGRESS:

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 the Conference Report for H.R. 4173, the “Dodd-Frank Wall Street Reform and Consumer Protection Act,” because it would fail to fix effectively the outdated, broken financial regulatory system, would unnecessarily affect companies that had nothing to do with the financial crisis, and would not create the efficient, liquid, and transparent capital markets America needs to fuel long-term economic growth and job creation.

Since before the economic crisis, the Chamber has called for effective financial regulatory reform. The antiquated U.S. regulatory structure is ineffective and fails to provide the certainty needed for job creation and a prosperous economy.

Despite the work of the Conference Committee, the bill remains fundamentally flawed, fails to provide comprehensive regulatory reform, and should be rejected. H.R. 4173 would exacerbate flaws within existing regulatory structure, increasing uncertainty, reduce the availability of credit, and likely cause unintended harm throughout the economy.

While the Chamber remains committed to sound, workable, financial regulatory reform, the Chamber opposes H.R. 4173. The Chamber will consider votes on, or in relation to, this issue in our annual How They Voted scorecard.

Sincerely,
R. Bruce Josten