Today David Hirschmann sent this letter to Deputy Treasury Secretary Wolin thanking him for his participation in the U.S. Chamber of Commerce’s Capital Markets Summit earlier this week and seeking to continue the dialogue on the important issue of financial regulatory reform. From the letter:

Let me also reiterate an important point that was discussed earlier this week: The Chamber is working hard to improve financial regulatory reform legislation being considered by Congress. The Chamber’s Capital Markets Commission first called for financial regulatory reform legislation three years ago, and we have been urging Congress and the Administration to act ever since.

Do we disagree with the Administration about some issues? Yes. Does that mean we oppose regulatory reform? No. Consensus on these issues may be difficult to achieve. However, the Chamber believes that these issues can, should and must be resolved as the legislative process continues.

• With respect to consumer protection in particular, the Chamber has been on record since last fall in advocating for:
• Clearer disclosure and more and better information for consumers;
• More vigorous, effective enforcement against predatory practices and other abuses through increased focus on, and resources for, these activities as well as through a coordinating council led by the Federal Trade Commission (FTC) similar to the council that today coordinates safety and soundness oversight of financial institutions;
• Specific congressional direction that the regulators address critical areas such as a single, clear set of mortgage disclosures; and
• Elimination of regulatory gaps that allowed some financial services businesses to escape regulation applicable to their competitors.

The Chamber has opposed, and will continue to oppose, new regulatory burdens that are not necessary for effective and efficient regulation. Such requirements would not only hurt consumers by increasing the cost of credit and decreasing credit availability, they also would hurt job creation. America needs consumer protection policies that enable economic growth, not policies that make economic recovery more difficult by contributing to, rather than reducing, uncertainty.

Hirschmann then breaks down the problems with the Dodd bill as it pertains to the CFPA, closing with:

Despite significant policy differences, the U.S. Chamber of Commerce, the world’s largest business federation representing the interests of more than three million businesses and organizations of every size, sector, and region, appreciates your willingness to engage the business community on these important issues and looks forward to continue working with Congress and the Administration to bring about workable financial regulatory reform legislation.

Read the entire letter here.