U.S. Chamber Builds Broad Consensus Around Reforms To Strengthen Capital Markets

Releases Declaration Signed by Prominent Government, Academic and Business Leaders

WASHINGTON, D.C.—The U.S. Chamber of Commerce's Center for Capital Markets Competitiveness (CCMC) today issued a declaration outlining eight actions the administration, Congress, and the business community must take to help restore and strengthen our nation's capital markets. Together with a bipartisan group of prominent business, former government, and academic leaders, the CCMC called for modernizing the regulations governing our capital markets in a way that puts the economy, jobs, and investors first.

"This declaration is proof positive of the growing consensus for forward looking, responsible reforms to our capital markets," said Thomas J. Donohue, president and CEO of the U.S. Chamber of Commerce, in his remarks at the CCMC's Third Annual Capital Markets Summit. "The administration, Congress, and the business community must come together to implement these reforms and help restore confidence with investors and with Main Street businesses."

The CCMC's declaration (http://www.uschamber.com/ccmc) outlines key principles for reforming our nation's financial regulations. The signatories urge the Obama administration and the 111th Congress to enact reform that: (1) establishes systemic oversight; (2) promotes comprehensive and sound regulation; (3) enhances transparency and market integrity; (4) provides meaningful investor and consumer protections; (5) promotes global stability, efficiency, and growth; (6) maintains innovation; (7) develops sound enforcement mechanisms; and (8) builds robust international cooperation.

David Hirschmann, president and CEO of the CCMC, said, "Every business relies on well functioning and transparent capital markets to grow and thrive. We need to replace our outdated, broken regulatory structure with a more effective, comprehensive, streamlined structure. By outlining this plan for comprehensive, sound regulation, the CCMC is accelerating support for the right reforms."

Along with Donohue, the Chamber's summit included Senator Christopher Dodd (D-CT); former Treasury Secretary and Cerberus Capital Management Chairman John Snow; Harvard Law School Professor Hal Scott; Allstate Chairman, President and CEO Tom Wilson; JPMorgan Chase Chairman and CEO Jamie Dimon; MassMutual Chairman and CEO Stu Reese; and NYSE Euronext CEO Duncan Niederauer.

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.

# # #