U.S. Chamber Welcomes Delay on Flawed Consumer Financial Product Agency Proposal

U.S. Chamber Welcomes Delay on Flawed Consumer Financial Product Agency Proposal
Calls for Protecting Consumers, Not Creating More Layers of Government

WASHINGTON, D.C.— President and CEO of the Chamber's Center for Capital Markets Competitiveness David Hirschmann today made the following statement welcoming efforts to protect consumers:

"The Chamber has been calling for better and more effective protection of consumers and welcomes Congressional efforts to achieve that goal.

"However, there has been growing concern among a diverse group of industries that current proposals would take away consumer choice, would give government unprecedented powers over American's personal information, and open the flood gates to litigation abuse.

"We will support efforts to insure consumers have the information they need and are protected from predatory and other illegal practices. We will oppose efforts that fail to address the weaknesses of our current regulatory structure by simply adding new layers of government. We look forward to working with Congress on a plan that is clear and will actually help consumers."

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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