Small Business Owners, Local Chambers, and Citizens Send More Than 100,000 Letters to Congress Opposing CFPA

Small Business Owners, Local Chambers, and Citizens Send More Than 100,000 Letters to Congress Opposing CFPA
Americans Concerned About New Big Government Agency

WASHINGTON, D.C.—The U.S. Chamber of Commerce announced today that it has mobilized concerned small business owners, local chambers, and citizens to send more than 100,000 letters to their Congressional members voicing strong opposition to the proposed Consumer Financial Protection Agency (CFPA) Act.

"More and more Americans are alarmed by the thought of adding more layers of Washington red tape with unprecedented powers over the free market," said David Hirschmann, president and chief executive officer of the Chamber's Center for Capital Markets Competitiveness. "This new agency will impose new burdens on small businesses and consumers, and their ability to invest, create jobs, and grow our economy."

The letters, generated since Labor Day from the Chamber's vast grassroots network and written by concerned citizens from all 50 states, are evidence of widespread opposition to the proposed CFPA as the best approach to strengthening consumer protection. The states with the highest number of letters generated include Florida, Pennsylvania, California, Illinois, Ohio and Colorado. In addition to its grassroots mobilization, the Chamber has been running advertisements inside the beltway and conducting aggressive outreach to national media. Beginning next month they will intensify paid and earned media efforts in targeted states.

"Americans are sending Congress a message," said Hirschmann. "Simply stated, the CFPA will add another layer of costs for consumers and businesses who are trying to weather this recession. It's time for Congress to work in a bipartisan way for real reform that will enhance consumer protection and grow this economy."

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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