9th Annual Capital Markets Summit Examines the Current Regulatory System’s Impact on Growth
WASHINGTON, D.C.—U.S. Chamber of Commerce President and CEO Thomas J. Donohue today outlined 10 Truths about the Financial System, noting that we need to focus on whether or not the current regulatory system is working for everyone who depends on it—from individual investors to Main Street businesses. Delivered at the 9th Annual Capital Markets Summit, Donohue’s remarks challenge regulators and Congress alike to put aside the political rhetoric and focus on building a transparent and resilient financial regulatory system that will fuel investment, savings and job creation.
“Five years after the passage of Dodd-Frank, there is still a vigorous debate in this country about the basics of our financial markets and the regulatory framework that governs them,” Donohue said. “Through the 10 truths about the financial system, we’re seeking to foster a thoughtful debate about the financial system rather than headline-grabbing rhetoric. The stakes are too high to play political games. We need a regulatory system that works. One that serves the needs of consumers and investors, empower entrepreneurs, fuels business growth, strengthens the economy, and ensures our competitiveness.”
The 10 Truths about the Financial System outlined by Donohue include; regulatory uncertainty stifles innovation, making it harder for the system to provide the tools businesses and consumers need; regulation needs to help advance both financial stability and growth, or the ultimate cost will be business growth, job creation, and the preservation of entrepreneurial risk; and efforts to reform the system have made it more complex and less coordinated.
“The question is not whether we need more or less regulation, it is whether we have the right regulation. Rules must be thoughtfully and transparently designed, clearly communicated, and consistently enforced,” Donohue said. “We need to fix the provisions in Dodd-Frank that aren’t working as intended, add the reforms that Dodd-Frank left out, and replace the ones that are just plain wrong.”
Donohue was joined by U.S. Secretary of Labor Thomas E. Perez, Senate Committee on Banking, Housing and Urban Affairs Chairman Richard Shelby and Ranking Member Sherrod Brown, BB&T Chairman and CEO Kelly King, and Executive Vice President for Public Affairs and Policy at FMR, LLC JJ Johnson, among others.
Donohue’s full speech is available here.
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.