Over the past few sessions of Congress, those that favor more lawsuits, with the help of the American Association for Justice (formerly known as the Association of Trial Lawyers of America) have pushed bills that would effectively wipe out arbitration.
The Latest from FreeEnterprise.com
On Capitol Hill yesterday, lawmakers appeared to wring a concession from FASB’s Robert Herz that his agency would issue guidance in three weeks loosening mark-to-market accounting requirements. A regional banker who testified at the hearing said FASB should allow banks to add credit analysis to their assessment of securities valuations, which currently depend on what some observers call highly conservative dealer quotes.
As Congress once again attempts to pass legislation that would potentially nullify hundreds of millions of arbitration agreements in consumer contracts, they should carefully review the mounting evidence that verifies the benefits of arbitration.
This week, the Searle Civil Justice Institute, a unit of the Northwestern University School of Law, released an independent study confirming that the 84-year old arbitration system remains a fair, inexpensive and unbiased option for millions of American consumers.
A lot of news out of our Capital Markets Summit yesterday, here are just a few clips:
10 Mar 2009 - The IEA welcomed senior executives from over 25 energy companies and a number of industry associations to the first meeting of the IEA Energy Business Council (EBC). The purpose of the gathering was to create a forum for representatives from business to participate in and contribute to discussions of current energy-related challenges. (International Energy Agency)
Or, "Secret Ballots Are Free Choice" the title from Eugene Scalia's Wall Street Journal Op-Ed on the Employee Free Choice Act:
President Obama is turning his attention to the upcoming G-20 summit this weekend. He said he'd like to advance two objectives: better coordinated actions to resuscitate global economic growth (i.e. getting the Europeans to spend more) and forming a new financial regulatory framework.
- Kashkari Warns Against Government Micromanaging Banks - Wait for it...
- Banks start giving back - bingo
- Why are they doing this? - on D.C. vouchers
Even as the Employee Free Choice Act was being introduced yesterday, the unions were still going at it like Kilkenny cats. From Roll Call:
The Wall Street Journal carried a solid editorial today exposing the hypocrisy of Change to Win Chair Anna Burger who criticized American businesses receiving federal TARP funds for lobbying against labor related bills, including the Employee Free Choice Act, arguing that federal funding should cease because of the lobbying activities.
The Searle Civil Justice Institute at Northwestern University School of Law has released a study today on "Consumer Arbitration Before the American Arbitration Association." Their findings help prove that arbitration continues to provide consumers with fair, inexpensive, and unbiased access to justice across the broadest spectrum of consumer disputes.
Every business relies on well functioning and transparent capital markets to grow and thrive. We need to replace our outdated, broken regulatory structure with a more effective, comprehensive, streamlined structure.
There was a big rally on Wall Street yesterday with the Dow surging nearly 380 points. Investors were pleasantly surprised by Citigroup’s announcement that it was profitable so far this year. They were also buoyed by a suggestion from House Financial Services Committee Chairman Barney Frank that the SEC may reinstate the uptick rule and by a speech from Fed Chairman Ben Bernanke calling for a comprehensive plan to right the financial system.
The Workforce Freedom Airlift took flight today. In one of the largest grassroots mobilizations the Chamber has ever undertaken, the Workforce Freedom Initiative brought more than 160 business leaders from Louisiana, Nebraska, Pennsylvania and Virginia to Capitol Hill today to meet with Senators and Representatives in a lobbying blitz to defeat the misnamed-Employee Free Choice Act (EFCA).
Today, Arthur Rothkopf, senior vice president at the U.S. Chamber presented alongside the National Education Association (NEA) and the National Manufacturers Association (NAM) to ask states to give a fair trial to the education reform initiatives outlined in Tough Choices or Tough Times, the report of the New Commission on the Skills of the American Workforce.
Paul von Zielbauer in the NY Times reports how secret ballots are helping to restore legitimacy to union elections in New York City.
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