Center for Capital Markets Competitiveness

Policy Accomplishments for 2007

• Secured House passage of the Attorney-Client Privilege Protection Act of 2007. This legislation would curtail the federal government's ability to demand that companies waive attorney-client and work product privileges in order to receive credit for cooperating during an investigation. It would also prevent prosecutors from pressuring companies into firing employees, or withholding legal fees of employees,  who are under investigation.

• Advanced recommendations issued in the Report and Recommendations of the Chamber's Commission on the Regulation of U.S. Capital Markets in the 21st Century. The commission is an independent, bipartisan panel that considers the appropriate legal and regulatory framework for modernizing the U.S. capital markets. This report serves as a road map for improving the overall competitiveness of the U.S. capital markets.

• Continued to fight a proposed SEC rule requiring that 75% of a mutual fund's board of directors and its chairman to be independent.

• Conducted a survey of companies to quantify the costs-and anticipated costs-of Auditing Standard #5 and the SEC's management guidance, with a particular focus on small issuers who have yet to comply with SOX 404. Data supported the call for a further one-year delay in SOX 404 compliance for small public companies. The SEC is expected to grant the delay in early 2008.

• Filed comments with the SEC strongly opposing its proposal to allow special interest shareholders access to the boardroom at the expense of other investors.
• Submitted testimony to the House Financial Services Committee outlining the implications for investors of the SEC's two proposals on shareholder access.

• Worked with key members of the House to host regional events highlighting securities litigation.