The U.S. Chamber's Center for Capital Markets Competitiveness (CCMC) released a series of regulatory reform principles designed to expedite recovery from the current financial crisis. The principles include better management of systemic risk (including higher capital and liquidity requirements); elimination of regulatory gaps, or "dead zones"; and regulation of the credit rating agencies, which failed to provide accurate information to the market.

The principles were drafted to facilitate a functional and comprehensive financial regulatory system that protects investors and consumers, while ensuring that capital markets successfully supply businesses and risk-taking entrepreneurs with the capital they must have to grow, innovate, and create jobs.

"To restore capital flows, we must modernize and strengthen our outmoded regulatory systems," says CCMC President and CEO David Hirschmann. "The sooner our financial regulations reflect the realities of the 21st century economy, the sooner we will experience economic recovery."

The principles also call for the sustainability of auditing and financial reporting and for increased international consultation and coordination to reflect the global flow of capital.

Serious regulatory failures played a key role in creating the ongoing econ-omic crisis. These failures are causing pain on both Wall Street and Main Street—small businesses are finding it increasingly difficult to access the capital they need to meet payroll or finance expansion.

It is likely that Congress and the Obama administration will consider financial market reforms in 2009. The Chamber and CCMC will be actively engaged in this process, taking a stand for the interests of the business community—America's job creators-at the negotiating table.

For more information, visit www.uschamber.com/ccmc.