U.S. Chamber Calls for Bipartisan Financial Regulatory Reform in Senate

Urges Bill that Protects Consumers and Promotes Job Growth

WASHINGTON, D.C.—As the Senate Banking Committee marks up financial regulatory reform legislation today, the U.S. Chamber of Commerce called on senators to come together to form bipartisan comprehensive legislation that modernizes the entire regulatory structure and protects consumers without impairing U.S. job growth.

"A one-sided partisan bill to reform our regulatory system will not create needed lasting reforms to fix our outdated, broken system," said David Hirschmann, president and CEO of the U.S. Chamber's Center for Capital Markets Competitiveness (CCMC). "It's time for the Senate to put politics aside and focus on restoring confidence and certainty in our financial markets, fix our broken regulatory structure, and help us get back on track toward a strong economy. The current draft fails to achieve these objectives."

The U.S. Chamber continues to oppose a new independent consumer financial regulator that will reduce access to credit for businesses and consumers, the federalization of corporate governance, and a permanent bailout fund. The U.S. Chamber has been calling for greater transparency and stability in the over-the-counter derivatives markets that also preserves the ability of corporate end users to effectively manage their business risks.

"We must fix our broken system—but merely having a bill for its own sake is not lasting reform," said Hirschmann. "We must make sure that the reforms put in place will enhance transparency, improve our markets, protect consumers, and create a climate where American businesses can thrive again."

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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