U.S. Chamber Calls for Extension of Volcker Rule Comment Period

‘This is Not Only an Issue of Fairness, but Also Will Provide the
Regulators with Informed Input Needed to Avoid Unintended Consequences
that Can Harm the Economy,’ Hirschmann Says

WASHINGTON D.C.—David Hirschmann, president and CEO of the U.S. Chamber’s Center for Capital Markets Competitiveness, issued the following statement today on the Volcker Rule proposal from the Commodity Futures Trading Commission (CFTC):

“Finally, more than two months after the rule was first proposed by four other agencies, all of the regulators have now issued their portion of the Volcker Rule.  These rules will impact the ability of non-financial companies to raise capital to grow and create jobs—so we have to make sure to take the time to get this right.  We call on the FDIC, SEC, Fed, and the OCC to extend the comment period to mid-March to match the CFTC’s comment period.  This will give all stake holders the ability to review the work of five regulators and answer the more than 1,000 questions that are being asked. This is not only an issue of fairness, but also will provide the regulators with informed input needed to avoid unintended consequences that can harm the economy.”

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.