U.S. and Billings Chambers of Commerce Amplify Warning Against 'Consumer Financial Protection Agency'

BILLINGS, MT—The U.S. Chamber of Commerce along with the Billings Chamber of Commerce/Convention and Visitors Bureau today called on Congress to take a new approach to the so-called Consumer Financial Protection Agency (CFPA) proposal being debated on Capitol Hill. Both groups warned against the harmful impact CFPA will have on small businesses, consumers and job creation.

"Small businesses throughout Montana are concerned that the CFPA will restrict the capital they need to invest and create jobs," said Ryan McKee, senior director of the U.S. Chamber's Center for Capital Markets Competitiveness (CCMC). "There is a growing chorus in Montana opposing the CFPA approach, and they are warning Congress against a new agency that they believe will reduce their ability to obtain credit."

In advance of Senate action on financial regulatory reform, the U.S. Chamber has been working with the Billings Chamber/CVB, and other chambers from around the country, to warn Congress about the harmful impact the CFPA will have on small businesses, consumers and the economy. The U.S. Chamber has also been highlighting alternatives that will strengthen consumer protection without hindering economic growth.

The CFPA approach does not address the fundamental flaws in the existing regulatory structure that led to the financial crisis, according to panelists at a discussion hosted by the U.S. Chamber and Billings Chamber/CVB. The U.S. Chamber has suggested creating a Consumer Protection Council to ensure coordination of regulatory and enforcement actions among federal financial regulators. The council would ensure that regulatory gaps are eliminated, prescribe consistent disclosure and examination standards, and identify areas in which new regulations are necessary.

"Montana's small businesses want Congress to enact strong consumer protections," said John Brewer, president and CEO of the Billings Chamber/CVB. "But they know there's a way to do it without stifling their growth and their ability to hire workers."

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

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

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