U.S. Chamber Focuses on Senate Financial Reform Debate

Rallies Small Businesses Against So-called Consumer Financial Protection Agency

WASHINGTON, D.C.—The U.S. Chamber of Commerce's Center for Capital Markets Competitiveness (CCMC) today joined with small businesses from around the country, local chamber officials, and policy leaders to urge the Senate to take a new approach to consumer protection when considering financial regulatory reform.

"Small businesses throughout the country have sent letters urging their Members of Congress to oppose the so-called CFPA, and today some of them are here to reinforce that message on Capitol Hill," said David Hirschmann, president and CEO of the Chamber's Center for Capital Markets Competitiveness. "Americans cannot afford a new agency with unprecedented powers that will reduce the affordability and accessibility of consumer credit."

In advance of Senate action on financial regulatory reform, the Chamber hosted an event to discuss the harmful impacts of the CFPA on small businesses, consumers and the economy, and to highlight alternatives that will strengthen consumer protection without hindering our economic growth.

"Today small business owners from around the country are taking a strong message to our nation's policymakers – we can improve consumer protection without harming job creation," Hirschmann continued.

In less than five months Chamber members, individuals, and small business owners have sent more than 160,000 letters urging Congress to oppose the CFPA. Today the Chamber will lead a delegation of 27 individuals from Colorado, Louisiana, Virginia, Delaware, South Dakota, and Nebraska to Capitol Hill.

The Chamber believes the CFPA approach does not address the fundamental flaws in the existing regulatory structure and has called for reforms that strengthen enforcement against illegal and predatory practices by expanding the ability of the seven current federal regulators tasked with consumer protection. The Chamber has suggested creating a Consumer Protection Council to ensure coordination of regulatory and enforcement actions among the federal financial regulators. The council would ensure regulatory gaps are eliminated, prescribe consistent disclosure and examination standards, and identify areas in which new regulations are necessary.

"Our small business members want Congress to enact strong consumer protections," continued Hirschmann. "But they know there's a way to do it without stifling the growth of their businesses and the overall economy."

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 is the world's largest business federation representing more than 3 million businesses and organizations of every size, sector, and region.

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