U.S. Chamber’s CCMC Outlines Comprehensive Financial Regulatory Reform Agenda for Next Administration

Monday, September 12, 2016 - 11:45am

Action Plan Details Financial Regulatory Reforms Necessary to Provide Businesses, Consumers with Resources Needed to Advance the Economy

WASHINGTON, D.C.—The U.S. Chamber of Commerce’s Center for Capital Markets Competitiveness (CCMC) today unveiled Restarting the Growth Engine: A Plan to Reform America's Capital Markets, a blueprint the next administration and Congress can follow to ensure our nation’s financial regulatory system both enhances financial stability and fuels Main Street economic growth. To achieve these goals, the action plan, with more than 100 recommendations, outlines a full list of critical issues that must be addressed by the next president and Congress, as well as shorter term action items that can be taken up in the first 100 days of the new administration.   

“The new administration will have a chance to measure whether the financial regulatory system is working, both as a driver of economic growth and systemic stability. Following the financial crisis, much was done to enhance the financial system’s stability, but we lost sight of the fundamental fact that a financial regulatory system that doesn’t enable growth will never ensure long-term financial stability,” said David Hirschmann, president and CEO of CCMC. “This action plan will modernize the U.S. and global financial regulatory systems to provide stability and drive growth through a transparent, level playing field that provides businesses with access to the resources they need to compete, investors with certainty they can deploy capital, and consumers with the products they need.” 

To create the necessary changes to our nation’s capital markets system, Restarting the Growth Engine: A Plan to Reform America’s Capital Markets highlights policies the next administration can focus on, including;

  • Presidential Commission on Financial Regulatory Restructuring;
  • Making the Financial Stability Board transparent and accountable;
  • Federal Reserve regulatory reform;
  • Modernizing rule writing by requiring an examination of existing regulations before creating new ones;
  • Relief for small, medium and regional banks from enhanced regulations and systemic risk regulations to restore Main Street lending;
  • Tailor systemic risk regulation to the nonbank business model; and
  • A special congressional bi-cameral committee to study the FinTech landscape.

“The next administration must revitalize the American economy and our action plan is a roadmap to identify the right solutions needed to address issues that have been ignored, and fix the structural shortfalls that are limiting economic growth. This plan will free up the resources needed for businesses to grow, create well-paying jobs, and spur robust economic growth,” Hirschmann continued. “It’s time for an honest debate about what is working and what isn’t so we can all roll up our sleeves to make 2017 the year of progress and leave gridlock off to the side.”

You can view a full copy of Restarting the Growth Engine: A Plan to Reform America’s Capital Markets here and learn more about CCMC’s efforts to help finance America’s economic growth 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.