WASHINGTON, DC—The U.S. Chamber of Commerce today announced that Lisa Rickard, president of the Chamber's Institute for Legal Reform and Michael Ryan, senior vice president and executive director of the Chamber's Center for Capital Markets Competitiveness have been named commissioners of the Financial Services Roundtable's Blue Ribbon Commission on Enhancing Competitiveness—a program devoted to identify alternative ways to modernize the U.S. financial services industry.
"It is critical that the business community works to ensure that the U.S. capital markets remain the most fair and efficient in the world, providing investment opportunities for all investors and supporting a vibrant economy," said Michael Ryan. "We will make sure that the recommendations from our recent report on capital markets are incorporated in the debate as we work to modernize the legal and regulatory structure surrounding our financial markets."
The Roundtable's Commission will focus on a wide variety of issues including securities litigation, U.S. and international accounting standards, anti-money laundering, Basel II capital rules, consumer lending, and investor protection. The Commission expects to conclude September 26, 2007 and release a report outlining its findings and recommendations.
The Chamber identified the threats to the U.S. financial industry in a March report by the Commission on the Regulation of U.S. Capital Markets in the 21st Century, an independent and bipartisan panel formed to consider the impact of recent regulatory changes on capital markets and the appropriate overall legal and regulatory framework to ensure more efficient capital flows throughout our economy.
"We are faced with critical challenges, especially with litigation," said Lisa Rickard. "Our current system is too complex and our litigation system places American businesses at unreasonable risk failing investors and hindering our global competitiveness."
The U.S. Chamber of Commerce is the world's largest business federation representing more than three million businesses and organizations of every size, sector and region.
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