One-Year Anniversary of Dodd-Frank Act Marked by Stalled Economic Growth, Sluggish Job Growth

‘Instead of Creating Jobs, the Law Has Created Uncertainty For Job Creators,’ Hirschmann Says

WASHINGTON, D.C.—David Hirschmann, president and CEO of the U.S. Chamber of Commerce’s Center for Capital Markets Competitiveness, issued the following statement today on the one-year anniversary of the Dodd-Frank Act:

“One year after Dodd-Frank was signed into law the problems that led to the financial crisis have yet to be fixed. Much of what we warned about a year ago has come true – instead of creating jobs, the law has created uncertainty for job creators. Long before the financial crisis, we advocated for changes to modernize our financial system. But Dodd-Frank is the house being built on a crumbling foundation. The economic statistics bear that out.”

To address this, the Chamber recently offered fixes to the critical areas left unaddressed by the law. The report highlights five areas where our regulatory structure and processes are reducing the quality and efficiency of the U.S. capital markets and hindering U.S. competitiveness.

“The vast majority of the nearly 500 rules called for by Dodd-Frank have yet to be put in place and if not done the right way, they could further threaten what remains a fragile economic recovery. We are simply not going to see American companies spending capital until they can begin to navigate their way through this tangled web of regulation. It is critical for our markets to remain competitive in a global economy and we will continue to work throughout the implementation process to ensure we don’t fall behind the rest of the world.”

Since its inception in 2007, 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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