CONTACTS: Linda Rozett/David Felipe
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WASHINGTON, D.C.—The failure to modernize regulations governing U.S. capital markets threatens America’s global competitiveness, according to a new report released today by the U.S. Chamber of Commerce.

 

“If the United States is to remain the world’s greatest economic superpower, then we must modernize our capital markets to ensure that they remain the most attractive, transparent, and efficient in the world,” said Chamber President and CEO Tom Donohue. “The regulation of U.S. capital markets has not kept pace with technological advances, globalization, and the proliferation of new financial products.”

 

The Chamber’s report, Capital Markets, Corporate Governance, and the Future of the U.S. Economy, outlines the organization’s action plan to ensure the strength and viability of U.S. capital markets, including initiatives for educating the general public and raising overall awareness of the importance of capital markets, supporting common-sense reforms and regulations—particularly to Section 404 of Sarbanes-Oxley—and bringing more transparency to the role that unions, trial lawyers, and other special interest groups play in the debate.

 

Capital markets reform is one of the Chamber’s top regulatory priorities. In November, the Chamber announced the formation of the Commission on the Regulation of U.S. Capital Markets in the 21st Century, a 16-member, independent bipartisan panel that will consider and review the appropriate legal and regulatory framework for the modernization of U.S. capital markets. The Commission will disclose its findings and outline specific legislative and regulatory recommendations in 2007.

 

 “Our capital markets play a central role in providing a climate for business growth and expansion that makes the U.S. economy the envy of the world,” said Donohue. “Without modernization and a review of the outdated and burdensome regulations that govern those markets, they will never reach their full potential and all Americans will suffer.”

 

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

 

Editor’s Note: A copy of the Chamber’s report is available online.

 

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