U.S. Chamber Releases Recommendations on Strengthening U.S. Financial Markets
November 14, 2008
WASHINGTON, D.C.— In advance of leaders from G-20 countries convening in Washington to discuss the global financial outlook, the U.S. Chamber of Commerce Center for Capital Markets Competitiveness (CCMC) today unveiled seven key principles to help modernize the regulatory system of America’s markets and to protect businesses large and small, investors and consumers.
“The present financial crisis has starkly exposed the shortcomings of current regulatory approaches,” said David Chavern, executive vice president and chief operating officer of the U.S. Chamber of Commerce. “We must act now to modernize our regulatory structure so that it protects investors and consumers, while ensuring that our nation’s businesses and entrepreneurs have the tools to grow, innovate and create jobs.”
The Chamber’s principles were developed in consultation with a wide range of business leaders, academics, and investors. The principles are: (1) promotion of economic stability, efficiency and growth; (2) management of systemic risk; (3) internationalization; (4) comprehensive regulation and oversight; (5) increased transparency; (6) investor opportunity, capital formation, and consumer protection; and (7) sustaining and enhancing financial reporting. Of particular interest are the recommendations for developing an effective approach for systemic risk regulation.
David Hirschmann, president and CEO of the U.S. Chamber CCMC, said “Ensuring an effective and vibrant capital formation system is essential to every business from the smallest start-up to the largest enterprise. But current regulations are outdated and ineffective. We must come together to create a modern, seamless regulatory structure that will ensure we have the most efficient, transparent, and stable capital markets in the world.”
Since its inception, the U.S. Chamber’s Center for Capital Markets Competitiveness (CCMC) 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 incoming Administration, the new Congress as well as global leaders to implement reforms consistent with these principles.
The mission of the U.S. Chamber’s Center for Capital Markets Competitiveness is to maintain and advance America’s global leadership in capital formation by supporting capital markets that are the most fair, efficient, and innovative in the world.
The U.S. Chamber is the world's largest business federation representing more than 3 million businesses and organizations of every size, sector, and region.
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