The Chamber this week expressed disappointment with the latest financial regulatory reform draft by Sen. Christopher Dodd (D-CT). Our nation needs financial regulatory reforms, but more importantly we need the right reforms to help restore confidence and certainty to the markets, and help us get back on track toward a strong economy.

The quickest way to get the right bill to the President's desk is for Members of Congress of both parties to roll up their sleeves and work on a bi-partisan basis to achieve lasting reform. This is what every poll, including the poll the Chamber released last week, shows the American people want and expect from Congress.

We will continue to work with the Congress and the administration to achieve the right reforms, including eliminating duplicative layers, closing regulatory gaps, protecting consumers, and bringing additional transparency to our markets. And, we will continue to fight against ideas that set us back and delay economic recovery by taking needed cash out of the hands of America's job creators at the worst possible time.

For example, the Consumer Financial Protection Agency is a big, new bureaucracy with virtually unchecked powers and the ability to regulate a huge portion of the economy. It will operate outside the normal checks and balances the founding fathers created. The agency will not be subject to the appropriations process, the President will not have any policy control over the agency or be able to remove its director. And, the director will be able to spend almost half a billion dollars of taxpayer money in the first year alone without oversight.

We also think that the permanent bailout fund is a bad idea that should be abandoned—whether it is funded by the government or the private sector.

Finally, we oppose the efforts to use this bill to advance special interest agendas, including giving some unions and other activist shareholders the right to leverage their agendas at the expense of other shareholders through so called proxy access provisions or efforts to further line the pockets of trial lawyers.

Since its inception three years ago, the Chamber's 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.