U.S. Chamber Comments on Continuing CFPA Discussions

WASHINGTON, D.C.—Ryan McKee, senior director of the U.S. Chamber of Commerce's Center for Capital Markets Competitiveness, today commented on the ongoing discussions regarding the proposed Consumer Financial Protection Agency (CFPA).

"The Chamber is opposed to the CFPA because it will reduce access to credit for America's consumers and businesses. At the same time, the proposal places more emphasis on adding government bureaucracy than it does on fixing the fundamental problems with our regulatory system. Proposals that simply house the CFPA within another federal agency but continue to give it the same broad and overlapping regulatory authority will not fix the CFPA nor the harmful impact it will have on small businesses and consumers. When unemployment stands at 10%, we cannot afford proposals that will make it harder for the business community to put Americans back to work. We need more than cosmetic fixes to the CFPA."

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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