U.S. Chamber Calls for Sensible Governance Standards To Promote Investment and Economic Growth

‘We need to establish clear rules of the road that won’t hurt investors and inhibit businesses from hiring,’ Quaadman Says

WASHINGTON D.C.—In the latest of a series of events the U.S. Chamber of Commerce is hosting to highlight the impact of the Dodd-Frank Act, the Chamber called today for sensible corporate governance standards that will promote investment and aid economic growth. The Chamber supports reform that effectively improves shareholder value without advancing the agendas of special interests.

“For 150 years, diversity has allowed companies to flourish and a move to a one-size-fits-all approach endangers that model of success,” said Tom Quaadman, vice president of the U.S. Chamber’s Center for Capital Markets.

“With Dodd-Frank acting as an accelerator, we need to find out what is working, what isn’t, and if we are headed down the right path. Our economy and job creators need clear rules of the road to grow and prosper.”

Today’s event is part of a series of events the Chamber is hosting in February and March leading up to the 5th annual Capital Markets Summit on Wednesday, March 30th. This includes:

• Systemic Risk – The Chamber hosted a panel discussion on the consequences of a company being designated as a systemic risk.
• Consumer Financial Protection Bureau – In advance of today’s testimony before the House Financial Services Committee, the Chamber hosted a press call offering constructive recommendations for improving the bureau without inhibiting job creation.
• Accounting Standard Convergence – The Chamber will host the Financial Accounting Standards Board (FASB) Chairman and International Accounting Standards Board (IASB) Chairman on Thursday, March 10th for a discussion that takes an in-depth look at the future of financial reporting.
• 5th Annual Capital Markets Summit – The Chamber will host key business and government leaders to discuss the implementation of the Dodd-Frank Act, including changing regulation of the derivatives market, the creation of the Consumer Financial Protection Bureau, and the importance of highly liquid capital markets to the U.S. economy.

Today’s event featured a discussion with SEC Commissioner Elisse Walter and former SEC Chairman Harvey Pitt about the various current and future corporate governance mandates and the SEC’s role going forward. It also included panels on a range of topics related to corporate governance reform including whistleblower provisions, proxy advisory firms, and individual investor issues.

“These are the rules that companies must abide by on a daily basis,” said Quaadman. “Businesses and the investors who provide them with capital want to know that the rules will be fair, sensible and create a level playing field.”

Since its inception in 2007, the Center for Capital Markets Competitiveness has led a bipartisan effort to modernize and strengthen the outmoded regulatory systems that have governed our capital markets. The CCMC is committed to working aggressively with the administration, Congress, and global leaders to implement reforms to strengthen the economy, restore investor confidence, and ensure well-functioning capital markets.

The U.S. Chamber of Commerce is the world’s largest business federation representing the interests of more than 3 million businesses of all sizes, sectors, and regions, as well as state and local chambers and industry associations.

# # #