U.S. Chamber Welcomes SEC Chief Operating Officer Plan

U.S. Chamber Welcomes SEC Chief Operating Officer Plan
Calls it a Step Forward in Helping the Agency Improve Regulatory Oversight

WASHINGTON, D.C.—The United States Chamber of Commerce's Center for Capital Markets Competitiveness today applauded the Securities and Exchange Commission (SEC) for its plan to hire a Chief Operating Officer (COO). The Chamber has said it believes that this is a needed fundamental change to the core operation of the agency that will help improve its regulatory oversight process.

"Essential to restoring our nation's economy is the ability of our regulators to provide effective and efficient oversight," said David Hirschmann, president and CEO of the Chamber's Center for Capital Markets Competitiveness. "The size, structure, and complexity of the U.S. capital markets and financial companies have grown substantially in the past 30 years. While the size of the SEC has increased significantly over that time, it's organizational and management structure has not changed to reflect these developments. The creation of a COO is a positive step forward in helping the SEC get back on track."

In February, the Chamber released recommendations for improving the operation and management of the SEC and highlighted the need for a COO to help increase the agency's ability to effectively allocate regulatory resources. In addition to establishing a COO, the Chamber recommended realigning key operating divisions, as well as forming a new Coordinating Council to ensure better coordination and more uniform regulation across the SEC's divisions. The Chamber's report (www.uschamber.com/ccmc) provided 23 concrete, implementable steps to help get the SEC back on track in the short-run.

"New and innovative products and services cut across the divisional silos," said Hirschmann. "The SEC needs a central mechanism to ensure that its divisions are coordinated and that key information and common approaches to regulation are shared. The creation of a COO could enable the SEC to increase consistency and communication across operating divisions to benefit our nation's investors and the U.S. capital markets."

Since its inception two 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 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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