U.S. Chamber of Commerce - October 12 - Capital Markets Commission Appoints New Co-Chair Culvahouse to Succeed Steel

WASHINGTON, D.C.-The U.S. Chamber of Commerce is pleased to announce that A.B. Culvahouse, chairman of O'Melveny & Myers LLP, will succeed Robert K. Steel as co-chair of the Commission on the Regulation of U.S. Capital Markets in the 21st Century. Steel, retired vice chairman of Goldman Sachs & Co., stepped down from the commission following his confirmation by the United States Senate as undersecretary of the treasury for domestic finance. Culvahouse, a member of the commission since its formation earlier this year, will serve as co-chair with William M. Daley, chairman of the Midwest Region of JPMorgan Chase and a former Secretary of Commerce.

"Culvahouse brings a wealth of experience and knowledge to the Commission, and we are fortunate to have someone of his ability in a leadership role," said Chamber President and CEO Thomas J. Donohue. "We look forward to his contribution in ensuring U.S. capital markets remain strong."

The Commission on the Regulation of U.S. Capital Markets in the 21st Century is an independent, bipartisan panel formed to consider the impact of recent regulatory changes on the capital markets and the appropriate overall legal and regulatory framework to ensure efficient capital flows throughout our economy. It was formed by the U.S. Chamber of Commerce in response to concerns about the current system of capital market oversight, which has not kept up with the size, complexity, and speed of the global markets. The final product of the commission will be a report, to be released in early 2007, outlining specific legislative and regulatory recommendations to strengthen the markets.

"The Chamber commends Bob Steel for his time and service on the commission, and we wish him well in his new role as undersecretary," Donohue said.

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.