U.S. Chamber Highlights Senate Language that Subjects Non-Financial Companies to Regulation by the Consumer Financial Protection Bureau

Calls on Congress to Fix Bill Now

WASHINGTON, D.C.—The U.S. Chamber of Commerce today reiterated its concern that non-financial companies—from local grocers to orthodontists—are still subject to regulation by the proposed Consumer Financial Protection Bureau (CFPB).

"We are glad that Senator Dodd agrees that the orthodontist, butcher, and baker should not be covered by the CFPB," said David Hirschmann, president and CEO of the Chamber's Center for Capital Markets Competitiveness (CCMC). "Unfortunately, the legislative language that is currently being considered by the Senate continues to cover them. If the intent is to exclude them, we urge Senators to amend the language."

To view an analysis of why non-financial businesses would still be subject to CFPB regulation visit: www.uschamber.com/sites/default/files/press/orthoresponse.pdf

Since its inception three years ago, 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.

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