U.S. Chamber Calls for Regulatory Reform to Restore Vibrant Capital Markets, Strengthen Main Street America

4th Annual Summit Brings Together Business Leaders, Bipartisan Policymakers

WASHINGTON, D.C.—U.S. Chamber of Commerce President and CEO Thomas J. Donohue today said that any discussion on financial regulatory reform must begin with a recognition of how important these markets are to our economy, job creation, and revitalizing Main Street America. Donohue made these remarks at this at the Chamber's 4th Annual Capital Markets Summit attended by business leaders and bipartisan government officials.

"We need to come together to fix our broken regulatory system now," Donohue said. "Playing political football with financial regulatory reform is the fastest way to kill our economic recovery, destroy jobs, and harm Main Street America.

"Reform that creates strong markets will ensure that small businesses and entrepreneurs have the necessary access to credit for a sustainable recovery," continued Donohue. "While large companies will always play a critical role in creating jobs and spurring economic growth, long-term economic success and job creation rest on the shoulders of America's small businesses and their customers."

The CCMC Summit, Getting Main Street Back to Work, included more than 200 business, government, and academic leaders who discussed the importance of bipartisan and comprehensive reforms for creating jobs and revitalizing the American economy.

"Congress must put politics aside and come together on a bipartisan basis to bring certainty back to our financial system," said Donohue.

Along with Donohue, the Chamber's summit included Sens. Judd Gregg (R-NH),
Bob Corker (R-TN), and Blanche Lincoln (D-AR); Treasury Deputy Secretary Neal Wolin; BB&T Corporation Chairman and CEO Kelly S. King; NASDAQ OMX Group CEO Bob Greifeld; President of the Kansas City Federal Reserve Bank Thomas Hoenig; and U.S. Commodities Future Trading Commission Chairman Gary Gensler.

The Chamber also highlighted Main Street Benefits of Our Financial Markets, a recent study conducted by Charles Jones, the Robert W. Lear Professor of Finance and Economics at Columbia Business School, and Erik Sirri, a Professor of Finance at Babson College and former director of the SEC Division of Trading and Markets. The study takes an in-depth look at how the evolution of modern financial markets has reduced the cost of trading for all investors, expanded investment opportunities for American families, and improved access to capital for U.S. businesses. The study also examines how seemingly small changes such as a financial transactions tax would cause considerable damage on Main Street.

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 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 of Commerce is the world's largest business federation representing the interests of more than 3 million businesses of all sizes, sectors, and regions, as well as state and local chambers and industry associations.

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