U.S. Chamber's Donohue Comments on Dodd-Frank
April 10, 2013
From U.S. Chamber of Commerce CEO Tom Donohue’s remarks at the Chamber’s Center for Capital Markets Competitiveness Summit today: “Why is Dodd-Frank falling so short? Because the law was built on some faulty premises … some unrealistic hopes … and some overzealous ambitions. It was built on the premise that regulators would be able to identify and eliminate all risks in the system … that the world would follow our lead on many of the global products that affect us all.
“It was built on the hope that regulators would coordinate their approaches and together create a coherent system — in spite of the layered and byzantine structure … and it was built on the dream that we can make the financial services industry less complex and less diverse without jeopardizing access to capital, investment, risk management, and liquidity. … We are not against regulation — we just want smart regulation. We want regulation that provides real solutions without creating more problems.”