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Why the New Financial Reform Bill is Bad for Business

July 24, 2010

U.S. Chamber Says Congress ‘Failed’ in Its Attempt to Reform Financial System
Vows to Use Regulatory Process To Prevent Strangulation of Credit
By U.S. Chamber of Commerce

WASHINGTON, D.C.—Following today’s Senate vote for final passage of financial reform legislation, U.S. Chamber of Commerce President and CEO Thomas J. Donohue said Congress had “failed” in its attempt to modernize a broken system, highlighting the massive new regulations and bureaucracies that may choke off credit to America’s job creators.   “Congress had a historic opportunity to fix a broken system and it failed,” Donohue said. “For years – long before the markets collapsed – the Chamber has called for modernizing our capital markets. Instead of fixing the system, Washington just piled bureaucracies and massive new regulations onto a broken system. This will only exacerbate uncertainty and jeopardize job creation.”

A recent Chamber study pointed out that this financial reform bill creates 533 required regulatory rulemakings, 60 studies, and 93 reports. By contrast, the Sarbanes-Oxley legislation passed in 2002 only had 16 rulemakings and six studies.

“Businesses are concerned with the result of Congress’ efforts but understand that we’re only in the first round of this fight,” Donohue said. “In order to protect Main Street businesses, the Chamber will continue working with the growing number of regulators in the coming years as this bill takes effect.”

More than six in ten (62%) of these Main Street business owners are concerned “the new financial regulatory reform bill will result in an enormous regulatory burden on U.S. businesses,” resulting in “slower economic growth and fewer American jobs,” according to an independent poll of 300 small businesses.

“The voices of America’s job creators are ringing loud and clear – enough is enough,” Donohue said. “We are seeing evidence in everything from health care to financial reform to energy that growing government does not grow jobs. Going forward, we will use all available options to correct the flaws in this bill, eliminate business uncertainty, and put Americans back to work.”

More information on the independent poll of 300 small businesses is available here: http://tinyurl.com/3xvsoyb

Since its inception three years ago, the Center for Capital Markets Competitiveness has led a bipartisan effort to modernize and strengthen the outmoded regulatory systems that have governed our capital markets. The CCMC is committed to working aggressively with the administration, Congress, and global leaders to implement reforms to strengthen the economy, restore investor confidence, and ensure well-functioning capital markets.

The U.S. Chamber of Commerce is the world’s largest business federation representing the interests of more than 3 million businesses of all sizes, sectors, and regions, as well as state and local chambers and industry associations.

  
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Discuss this article

Bob Clark July 24, 2010

Crazy ObamaCare also requires businesses to file statements on from whom they’re buying supplies. This is a stifling amount of paper work, and this alone will no doubt overwhelm the IRS and cause it to go on a hiring binge raising the cost of ObamaCare.

Now Bama admits maybe there’s a need to review regulatory burden.

The least expensive way to kick start the economy is to deregulate, and offer low marginal tax rates on new production.

Jan Williamson July 25, 2010

Why don’t you guys wake up! You are still suffering under the delusion that the liar in chief is trying to fix a broken economy. He’s doing just exactly what he said he was going to do and that is “transform America” into a socialist/communist country, so fragile it can’t stand on it’s feet. We will be taken over by the muslims as they build in quantity until they have enough to vote you all out or take over forceably. He’s not trying to fix anything; he’s trying to break us! Just look what he’s doing in the gulf. It’s all designed to break our economy, break our health, break our families, break our GOD and finally our spirit. Well, I’ve got news for him!! We will NEVER give up or let him ruin this country. He is on his way to hell!

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