With this agenda for the next administration, we provide some answers and suggestions for the executive and legislative branches and regulatory agencies, both domestic and global.
While we do not expect to have all the answers, we think it is important to have a debate of ideas, instead of competing sound bites, so we can make 2017 the year of progress rather than another year of plodding along.
The U.S. Chamber of Commerce surveyed more than 300 corporate finance professionals about their core financial services needs and the indirect regulatory impact of all the newly adopted financial regulations.
What we heard was a particularly strong and growing concern for the ability of businesses to access credit and to manage cash flow and liquidity due to existing and pending regulations.
Chamber CEO speaks at Nasdaq
On June 22, 2016, U.S. Chamber President and CEO Tom Donohue spoke at Nasdaq in New York City on how the vilification of America's financial institutions are slowing the growth of the country's economy.
The Chamber is leading the fight on defending America's financial system and ensuring that Congress and the next president focus solely on a pro-growth agenda.
Preserving the Right to be Heard: Ensure there is an open and vigorous debate about how best to regulate financial markets by fighting bad choices and pushing back on those who seek to intimidate and suppress real debate.
Show the Impact, Starting at the Local Level: Document and communicate the cumulative impact of regulation, including the ability of companies small and large to access the financial services they need to grow their business and manage their financial risks.
Advance Transparent Regulation, at the Federal Reserve and elsewhere: Ensure that the Federal Reserve lives up to the same standards of transparency and due process required of other regulators. Also, address conflicts and lack of coordination among the regulators and advance reform recommendations at the SEC, FSOC, and proxy advisory firms. On July 12, the Chamber released its Federal Reserve Reform Agenda, which recommended eight reforms the Federal Reserve could take to be more transparent and accountable in its regulation of America’s financial markets and the Main Street businesses that rely on it. You can read the full agenda here.
Directly Engage on Regulations that Thwart Main Street Growth: Challenge policies that prevent businesses from obtaining credit or managing cash, such as, Basel III capital rules, stress tests, and the Volcker Rule. Other priorities include: incentive compensation, the Department of Labor’s fiduciary duty rule, and the CFPB’s arbitration rule.
Prevent the Use of Financial Services and Budgetary Slush Funds at the Federal and State Level: Fight punitive taxes and stop enforcement practices by multiple layers of federal, state, and international officials. Continue to push for SEC enforcement reforms including due process, preservation of jury trial, and right of removal.
Click here to join us on December 2 with the Naperville, Illinois Chamber of Commerce for a Capital & Financial Markets Workshop
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