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U.S. Chamber Launches New Center for Capital Markets Competitiveness
Will Lead Multifaceted Effort to Improve U.S. Capital Markets
WASHINGTON, DC-The U.S. Chamber of Commerce today launched the Center for Capital Markets Competitiveness (CCMC), an initiative dedicated to making U.S. capital markets the most fair, efficient, transparent, and attractive in the world. This effort will not only address domestic and international securities regulation, but also challenges to the auditing profession, proxy rules, business due process, and a host of other issues.
"Solutions have been proposed and now it is time for action," said U.S. Chamber President and CEO Tom Donohue. "There's been thoughtful consideration on how to improve our capital markets. What's missing is a dedicated vehicle whose sole mission is to advance reforms. That's the purpose of this center."
CCMC will advance a legislative, regulatory, and legal agenda designed to strengthen the competitiveness of U.S. capital markets. It will begin by aggressively implementing key recommendations from three major reports examining capital markets competitiveness produced by the Chamber's bipartisan, independent Commission on the Regulation of U.S. Capital Markets in the 21st Century, the Hal Scott committee, and the Schumer-Bloomberg initiative.
Among the top priorities will be modernizing the 70-year-old regulatory framework governing our markets; eliminating duplicative and overlapping layers of regulation and enforcement that undermine efficiency; and harmonizing our rules with our global trading partners.
CCMC will build on existing Chamber resources and expand the activities of the Chamber's Investment and Growth Initiative. The center will be housed at U.S. Chamber headquarters in Washington, DC.
The U.S. Chamber of Commerce is the world's largest business federation representing more than 3 million businesses and organizations of every size, sector, and region.
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