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U.S. Chamber Responds to Release of Financial Crisis Inquiry Commission Report

Wednesday, January 26, 2011 - 7:00pm

Chamber Decries Report as ‘Missed Opportunity’ and ‘Abuse of Process’ that will Create Even More Job-killing Lawsuits

WASHINGTON, D.C.—Executives at the U.S. Chamber of Commerce called today’s release of the Financial Crisis Inquiry Commission’s final report another “missed opportunity” to objectively investigate the 2008 financial crisis, pointing out that this report “fails to reflect the views of the Commission as a whole.”

“The report released by the Financial Crisis Inquiry Commission is yet another missed opportunity to produce an objective, non-partisan look at how to strengthen our financial regulatory system in order to prevent the next financial crisis” said David Hirschmann, president and CEO of the U.S. Chamber’s Center for Capital Markets Competitiveness. “This compounds last year’s failure by Congress to pass effective financial regulatory reform. The failure of this commission to do its job is more bad news for workers and businesses who depend on robust, well-regulated, world-leading capital markets to fund growth and job creation. We will continue to work for regulatory reform that puts American workers and businesses on a level playing field.”

“The commission’s final report and its pledge to post raw materials – apparently including information obtained from companies as well as other government agencies – is an astounding abuse of process that would effectively create a government-sanctioned Wikileaks,” said Lisa Rickard, president of the U.S. Chamber’s Institute for Legal Reform. “And given the connection of some on the Commission to the securities class action trial lawyers, the end result will undoubtedly be even more job-killing lawsuits—lawsuits that harm investors and benefit only the lawyers who file them.”

The U.S. Chamber’s Center for Capital Markets Competitiveness (CCMC) has been leading the charge for a bipartisan modernization of our financial regulatory system since its inception in 2007. Since long before the financial crisis, CCMC has called for closing gaps in regulation, eliminatingduplicative layers, and creating a regulatory structure to ensure that the United States has the most vibrant, efficient, and transparent capital markets in the world.

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.

ILR seeks to promote civil justice reform through legislative, political, judicial, and educational activities at the national, state, and local levels.

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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