U.S. Chamber Applauds Committee on Capital Markets Regulation for Release of Regulatory Reform Principles

Encourages focus on Smarter Regulation

WASHINGTON, D.C.—The U.S. Chamber of Commerce's Center for Capital Markets Competitiveness (CCMC) President and CEO David Hirschmann today made the following statement regarding the Committee on Capital Markets Regulation's (CCMR) release of regulatory reform principles:

"The Committee on Capital Markets Regulation's principles reinforce our organizations' common view that the fundamental objectives of regulatory reform should be to protect investors and consumers, while ensuring that our markets also supply businesses and entrepreneurs with the capital they must have to grow, innovate, and create jobs.

"The present financial crisis has starkly exposed the shortcomings of current regulatory approaches and underscores the urgency of reform. While there is rarely a single acceptable response to a crisis of the sort we are now experiencing, and we must be careful not to embrace changes that fail to fix real problems.

"The Chamber strongly agrees that the current debate should not be about more versus less regulation, but about smarter regulation. Hal Scott and his colleagues provide thoughtful recommendations in this regard, and these principles should be seriously considered as we work toward broader reform.

The mission of the U.S. Chamber Center for Capital Markets Competitiveness (CCMC) is to maintain and advance America's global leadership in capital formation by supporting capital markets that are the most fair, efficient, and innovative in the world.

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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