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U.S. Chamber Denounces Flawed Financial Reform Bill

Thursday, June 24, 2010 - 8:00pm

Says Jobs to be Killed and Uncertainty Heightened

WASHINGTON, D.C.—U.S. Chamber of Commerce President and CEO Thomas J. Donohue issued the following statement today on the final conference report of the financial regulatory reform legislation:

“What this financial reform bill does is create well over 350 required regulatory rulemakings, 47 studies, and 74 reports. It is a reform bill that, ironically, lacks effective reform. Rather than addressing the core causes of the financial crisis, this bill adds new regulatory agencies to an already antiquated system and grows a bloated, ineffective bureaucracy. It exacerbates uncertainties for Main Street and America’s job creators, and consumers will pay the ultimate price in higher fees, less choice, and fewer opportunities to responsibly access credit.

“Today is a sad day for the U.S. economy, for jobs, and for the future of our capital markets. This is, however, just the first leg of a marathon effort to reform our capital markets and create the rules of the road for decades to come. The Chamber will continue to work vigorously through all available avenues—regulatory, legislative, and legal—to ensure that we have the most efficient, transparent, and well-regulated capital markets in the world.”

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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