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Before the most expansive overhaul of our fi nancial regulatory system in decades became law, one of its chief authors, Sen. Chris Dodd, said, “No one will know until this is actually in place how it works.” One year later, the real impact of the Dodd-Frank Act largely remains a mystery.
The 26 foot tall banner that stretches across the front of the U.S. Chamber of Commerce headquarters in Washington, D.C., spells out our nation’s biggest challenge and our highest priority in one word—J-O-B-S. That banner has served as a reminder to us and to all of Washington for nearly 15 months where our focus must be.
This summer, the debate over how to tackle soaring deficits and debt has taken its rightful place on center stage in Washington. If left unchecked, the nation’s fiscal woes will discourage private investment, stall economic growth and job creation, lower our standard of living, and cause a serious decline in U.S. competitiveness.
One of the bold—and broken—promises made by supporters of the health care law was that it would reduce health care costs and bring health spending under control. Though many provisions have yet to be implemented, health costs are actually rising, and they will continue to climb as other parts of the law, like the employer mandate, take effect.
There’s a saying, “If you can’t beat ’em, join ’em.” Some business opponents have turned that phrase on its head—if they can’t win the war of ideas with business in the political arena, then they seek to exclude business’ voice from the national debate altogether. Examples abound.
