June 26, 2015
June 26, 2015
U.S. Chamber of Commerce Center for Capital Markets Competitiveness President and CEO David Hirschmann today issued the following statement regarding the Supreme Court ruling in favor of the Inclusive Communities Project, Inc. in the case Texas Department of Housing and Community Affairs v. The Inclusive Communities Project, Inc.:
“The business community supports effective anti-discrimination policies, and will work with regulators and policymakers to make sure our government has the tools to ensure fairness in our housing, credit, and other markets.
“Discrimination has no place in the United States, and the government should be equipped to hold accountable those who practice it. However, disparate impact is ineffective and unfair, and will ultimately harm those it is intended to protect.
“While we are disappointed in today’s decision upholding disparate impact liability under the Fair Housing Act, we are pleased in the limits the court placed on plaintiffs’ ability to bring disparate impact claims – and the constitutional restraints the Court recognized on remedies available for such claims.
“Today’s decision acknowledges the threat of unfettered disparate impact liability makes it harder rather than easier to develop and finance affordable housing. The Court’s assessment in placing severe limitations on the use of disparate impact is correct, and we hope that courts will implement today’s decision in a way that avoids adverse outcomes.”
Since its inception in 2007, 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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