Yesterday, after the Senate voted to end debate the U.S. Chamber sent this letter to all Senators urging them to reject S. 3217, the “Restoring American Financial Stability Act of 2010”

• because it fails to effectively fix the outdated, broken financial regulatory system,
• will unnecessarily affect companies that had nothing to do with the financial crisis, and
• will not create the efficient, liquid and transparent capital markets our nation needs to fuel long-term economic growth and job creation.

More from the letter:

The Chamber appreciates the efforts of the Senate to address some of the concerns expressed by the business community during the past several weeks, including on issues such as federal preemption and a narrow small business exemption in the Consumer Protection Title, and the elimination of the $50 billion resolution fund.

Despite these efforts, the bill remains fundamentally flawed and should be rejected. S. 3217 would exacerbate flaws within the existing regulatory structure, increase uncertainty, reduce the availability of credit, and likely cause unintended harm throughout the economy. Comprehensive regulatory reform is urgently needed, but S. 3217 is the wrong way to do so.

While the Chamber remains committed to sound, workable financial regulatory reform legislation, the Chamber strongly opposes S. 3217. The Chamber will consider votes on, or in relation to, this issue in our annual How They Voted scorecard.

And from the Washington Post:

"If you want to drive capital out of the United States, this is your bill," Thomas J. Donohue, president of the U.S. Chamber of Commerce, said in a statement. "Today we have taken a significant step in the wrong direction, and it will put American companies and our financial system at a competitive disadvantage to the detriment of our long-term economic growth."