U.S. Chamber Opposes Legislation to Tax Market Transactions

Proposal Would Tax Savings and Retirement Plans, Stall Economic Recovery, and Push Business Overseas

WASHINGTON, D.C.—The U.S. Chamber of Commerce today expressed concern about the "Let Wall Street Pay for the Restoration of Main Street Act." The legislation would impose a tax on a wide range of financial transactions that are the lifeblood of capital markets and the economy.

"This tax increase would stall economic recovery and push U.S. economic activity overseas," said David Hirschmann, president and CEO of the Chamber's Center for Capital Markets Competitiveness (CCMC). "This new tax would directly impact nearly 90 million American investors and would hurt middle-class retirement savings. This is a terrible time to tax the very markets that provide much of the capital America's small businesses rely on to grow."

The proposed bill is sponsored by Reps. Peter DeFazio (D-Ore.), Ed Perlmutter (D-Colo.), Betty Sutton (D-Ohio), Michael Arcuri (D-N.Y.), and Bruce Braley (D-Iowa). The Chamber noted that this proposal takes a page from the Hoover era playbook when a similar plan was put in place back in 1932.

"We need our elected officials to focus on policies that will help the business community create productivity and get people back to work," said Hirschmann. "This tax will deter job creation, investment and retirement savings."

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. Fundamental to this effort, the Chamber believes we must eliminate duplicative and overlapping layers of regulation and enforcement that undermine efficiency.

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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