Financial Regulatory Modernization and Simplification
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I would like to applaud the Department of Treasury for moving the debate forward with their Blueprint for improving the financial regulatory structure of the United States. (Executive Summary available here.)
They are proposing a needed, thoughtful and comprehensive plan to modernize and streamline the financial regulatory structure. While there will be a vigorous and constructive debate over the details, there is growing consensus on the need for reform. Band-aid solutions such as simply layering on new regulation upon a duplicative, creaky old system won’t do. We must establish a modern 21st century regulatory framework to ensure our nation has the most efficient, innovative, fair, and well-regulated capital markets.
While comprehensive reform will take time, in the short-term, we welcome the call for modernization of the President’s Working Group to ensure greater coordination among existing regulators.
No regulatory system will ever be able to prevent financial crises or economic downturns. That should not be our goal.
Our goal should be to create a nimble regulatory system that can identity potential problems early and deal with them more quickly and efficiently so that they do not reach crisis proportions.
Success of the U.S. capital markets is as important to Main Street as it is to Wall Street. Every citizen, family, and business has a critical stake in ensuring that our nation is home to the strongest, fairest, and most efficient markets in the world.
The Chamber’s Center for Capital Markets Competitiveness has developed a robust agenda to address the short- and long-term challenges faced by our markets. Industry leaders gathered last week to discuss these issues at the Center's second annual Capital Markets Summit. The Center's priorities and efforts are highlighted in their recent publication, Strengthening U.S. Capital Markets: A Challenge for All Americans.