Financial Regulations Should Take Jobs, Economy Into Account
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The U.S. Chamber’s Tom Donohue has a simple message for financial regulators implementing Dodd-Frank: take the time to do it right.
“Our appeal to policymakers is simple: Take the time you need to do it right, put politics and bureaucratic turf-building aside, and make the priorities of growth, jobs, and America’s financial leadership your top concerns,” the Chamber president and CEO said during a speech at the organization’s 6th Annual Capital Markets Summit, “Strengthening Our Markets: Ensuring Capital for Main Street Businesses.”
“Despite the inherent flaws of the legislation, we’re trying to make it work—for consumers, investors, and the economy as a whole,” Donohue told a room of bipartisan civic and business leaders at the event hosted by the Chamber’s Center for Capital Markets Competitiveness (CCMC).
Donohue looked specifically at elements of the Dodd-Frank financial reform legislation, including the creation of the Consumer Financial Protection Bureau, which he called the “mother of all regulations,” the Volcker Rule, corporate governance, mandatory audit firm rotation, and derivatives, to name a few.
CCMC has issued a report card on Dodd-Frank implementation progress, with many categories receiving an “incomplete.” Donohue noted, “Regrettably, this is one report card you wouldn’t want to take home to your parents.” There is, however, still time and opportunity to fix what is broken, Donohue said, and the report card offers suggestions to regulators and policymakers on ways to improve the law.
“The Chamber and its Center for Capital Markets Competitiveness are committed to working in good faith with all parties to fix what is broken and to ensure that America’s capital markets are the most attractive, transparent, and efficient in the world. There is simply too much at stake not to get this right,” Donohue said.
See more from the Summit: