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WASHINGTON, D.C.—The United States Chamber of Commerce today launched a commission to study the impact of federal and state regulations on U.S. capital markets, investors and the economy.

 

“Our capital markets are overburdened by out of date regulations, and are in dire need of review,” said Chamber President and CEO Thomas J. Donohue.  “This independent panel will examine the confusing patchwork of state and federal laws and regulations and their impact on the lives of American investors.  It will also look at the legislative actions including, but not limited to, Sarbanes-Oxley.”

 

 The Commission on the Regulation of U.S. Capital Markets in the 21st Century is an independent, bipartisan panel that will consider the appropriate legal and regulatory framework for modernizing these markets.  The Chamber is concerned that the regulatory structure of the 1930s is not keeping pace with technology, globalization, or the rapid proliferation of new financial products.  This presents a near-term risk to the health of the U.S. economy.

 

“As our markets continue to evolve and change rapidly, we need to ensure that regulations stay current and prevent new economic risks while not stifling innovation and future investment,” Donohue said.

 

The commission will consist of 18 prominent leaders from the fields of economics, finance, and market regulation, and will be led by William M. Daley and  Robert K. Steel.  Daley is chairman of the Midwest Region of JP Morgan Chase and a former Secretary of Commerce.  Steel is a retired vice chairman of Goldman Sachs & Co., and he continues to serve as advisory director.  He is a senior fellow at Harvard's Kennedy School of Government.

 

The final product of the commission will be a report, to be released in 2007, outlining specific legislative and regulatory recommendations to strengthen the markets.

 

The U.S. Chamber of Commerce is the world’s largest business federation representing more than 3 million businesses and organizations of every size, sector, and region.
 
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