By Ryan Rainey
The U.S. Chamber of Commerce in 2016 will push for comprehensive changes to the Dodd-Frank law, President Tom Donohue said Thursday.
In his annual State of American Business address today, Donohue said one of the Chamber’s main priorities will be to continue its campaign for policymakers to “fix the provisions that the law got wrong, add the provisions that the law left out and replace the provisions that we all know just don’t work.”
The Chamber will “support reforms to the Consumer Financial Protection Bureau while insisting that it goes through normal processes to make rules,” Donohue said, adding that laws the size of Dodd-Frank almost always require changes.
He also called for fixes to the Labor Department’s proposed rule on financial advisers, and he threatened to file a lawsuit if the rule isn’t changed to the Chamber’s satisfaction.
Donohue also said the group would push for congressional approval of the Trans-Pacific Partnership.
The speech omitted any strong language regarding comprehensive tax reform. But when speaking to reporters, Donohue and Chamber Executive Vice President for Government Affairs R. Bruce Josten said that although a tax overhaul is more likely in 2017, the Chamber might weigh in when Congress acts on 36 tax extenders later this year.
Donohue also said that although the Chamber could weigh in on legislation to address corporate inversions, though Josten said the more palatable solution would be for Congress to pass a comprehensive tax bill.
“The reality is, if you want to stop inversions, you’re going to have to do fundamental tax reform,” Josten said.