Report details the essential role of the financial services industry and how financial markets can strengthen our economy
WASHINGTON, D.C. - The U.S. Chamber of Commerce’s Center for Capital Markets Competitiveness (CCMC) today unveiled The Growth Engine, a blueprint for the next Administration and new Congress to revitalize our capital markets and jumpstart the economy for all Americans.
The Chamber has continuously called for additional pandemic relief to help the businesses, industries, and workers who continue to suffer from the coronavirus pandemic. The nation still has 10 million fewer jobs than it did before the pandemic intensified in March, and according to Chamber calculations, at the current pace of hiring, it would take until February 2022 to regain the jobs lost to the pandemic.
As part of the long-term solution to revitalize our economy, The Growth Engine report proposes over 100 recommendations that promote a modern financial regulatory system designed to incentivize fair and efficient capital markets, provide resources for businesses to compete, and facilitate access to the financial products consumers need.
“Throughout the coronavirus pandemic, the financial services sector has been a source of strength, assisting the government in stabilizing the economy. The downturn caused by the pandemic was historically dramatic, and the recovery must be equally dramatic and widespread to provide an equality of opportunity for all Americans,” said U.S. Chamber Center for Capital Markets Competitiveness Executive Vice President Tom Quaadman. “Businesses are ready to innovate, and Americans are ready to get back to work. The proposals outlined in The Growth Engine will help Congress and the new Administration prioritize what actions can be taken to revitalize our economy and get Americans back to work.”
Top recommendations featured in the report include:
- Enact Policies Expanding Access to Capital to Jumpstart the Economy and Close the Racial Wealth Gap
- Implement Corporate Governance Reforms to Improve Investor Protections and Grow Companies from Small to Large
- Review and Update Liquidity and Capital Requirements for Banks
- Reform Supervision of Banks so It is Tailored for Individual Institutions and Improves Communication with Regulators
- Increase Oversight over the Financial Stability Board and other International Standard-Setting Bodies
- Transform the Consumer Experience by Expanding Access to Digital Channels for Financial Services
- Expand Consumer Choice and Access to Credit
- Enact Legislation that Makes Structural Reforms to Financial Regulators and the Rulemaking Process
An event hosted by the U.S. Chamber today featured industry leaders discussing the role of financial markets in strengthening our economy, and included a fireside chat with the new U.S. Chamber Board Chair and former President & CEO of Schneider National, Chris Lofgren.
“Companies need access to capital to fuel economic growth and repair the negative impact resulting from the pandemic,” said Lofgren. “CCMC’s Growth Engine report details numerous proposals, many with bipartisan support, that assemble a legislative package similar to the bipartisan JOBS Act enacted after the last recession that can assist with America’s economic recovery.”
You can read The Growth Engine full report, including all recommendations, here.