U.S. Chamber Calls on Senate to Get Financial Reform Right

April 29, 2010

Cape Fear Business News

WASHINGTON, D.C.  -  David Hirschmann, president and CEO of the U.S. Chamber of Chamber’s Center for Capital Markets Competitiveness (CCMC) made the following statement as the financial regulatory reform legislation moves to full Senate consideration:

“As we move to the next phase of financial regulatory reform, we call on the full Senate to put short-term politics aside and focus on getting financial regulatory reform done right. This legislation will impact job creation and the future of our economy both on Main Street and Wall Street. The Senate should not miss this chance to fix this flawed bill.

“The American economic recovery depends on getting these reforms right so that businesses of all sizes can get the cash they need to create new jobs, invest in new products, and find new customers. The wrong reforms will set back our nascent recovery and fail to ensure that we once again have the most vibrant, efficient, and transparent capital markets in the world.

“Business supports and needs the right reforms. We have proposed specific changes to help ensure that Main Street businesses are not harmed by the pending proposals.

“We look forward to engaging with all members of the Senate to improve this bill and fix our broken, outdated financial regulatory structure.”

Since its inception three years ago, 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.

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