WASHINGTON, D.C. — In an effort to inform our nation’s policy makers on the impact of financial services regulations on the business community, the U.S. Chamber of Commerce today released a survey of more than 300 corporate finance professionals at its annual Capital Markets Summit. It found that main street businesses depend on diversity and choice within the financial system to access the resources needed for growth.
“Ten years of new financial regulations hasn’t dented business optimism, but some obstacles need to be removed for companies of all sizes have access to the financial services they need in order to grow their business,” said David Hirschmann, president and CEO of the U.S. Chamber’s Center for Capital Markets Competitiveness. “Businesses have spoken loud and clear that they depend on diversity and choice in the financial marketplace.”
The report, “Financing Main Street: The State of Business Financing in America,” is being released today during the U.S. Chamber’s 13th annual Capital Markets Summit, which will feature a panel discussion on the findings of our survey. The event will be streamed live online . and the full report is available online
Other findings in the study found that respondents saw lingering effects of the post-financial crisis to be a challenge, while American businesses have generally turned more optimistic over the last two years regarding their access capital. Specifically, 66 percent of companies cited increased bank capital charges impacting ability to obtain financing while 62 percent expect their financial performance to improve over the next year.
The 2019 survey follows similar surveys conducted in and , and is intended to help policymakers better understand the ongoing impacts that financial regulation has on the broader economy, and to inform regulatory reform efforts that are currently underway.
Following the release of the Chamber report at the Capitol Markets Summit, the business community will hear from Christine Lagarde, Managing Director, International Monetary Fund, Larry Kudlow, Director, National Economic Council, Jelena McWilliams, Chairman, Federal Deposit Insurance Corporation, Dawn Stump, Commissioner, Commodity Futures Trading Commission, The Honorable Kyrsten Sinema (D-AZ), U.S. Senate, and The Honorable Patrick McHenry (R-NC), U.S. House of Representatives.
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.