Smartly regulated markets fuel Economic Growth attacks Hobble the Economy
Texas Insider Report: WASHINGTON D.C. Those attacking our capital & banking system
dont have a reform agenda they have a big government agenda said U.S. Chamber of Commerce President & CEO Thomas J. Donohue in a major address today at Nasdaq in New York City noting that the attacks on Americas financial system and institutions by
the Obama Administration activists and politicians from both the left and right have undermined the economy.
Donohue said it was time to put the focus on where it belongs
creating robust capital markets that finance Americas growth and provide jobs and opportunities for American consumers.
They arent looking out for consumers or the little guy. They are looking to gather more power for themselves so they can run the entire economy from Washington D.C. Their proposals would trap us in this anemic economy and strangle small businesses and Main Street said Donohue.
In his remarks Donohue explained that our financial services industry isnt a problem to be solved limited and controlled-its a key ingredient to boosting the economy. But the current regulatory approach is restrictive punitive duplicative and overlapping. It is
focused on the impossible task of eliminating all risk from the system at the cost of economic growth.
Donohue outlined an agenda to create robust and smartly regulated markets that could produce higher rates of growth and solve major financial challenges such as unsustainable entitlement programs.
That agenda includes:
- Promoting a modern regulatory system that ensures reasonable systemic risk regulation
- Supporting effective corporate governance policies
- Advocating for consumer protection and expanded access to responsible credit choices and
- Working for transparent financial reporting and disclosure policies to support capital formation among others.
The next administration regardless of party must flatly reject the no-growth agenda were hearing from politicians and Wall Street critics Donohue said.
The last eight years of restrictive punitive redundant and overlapping regulations have undermined our systems ability to finance the growth of companies large and small. Its past time for lawmakers and regulators to make economic growth a primary goal when regulating our capital markets.
The U.S. Chamber of Commerce is the worlds 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.
