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September 28, 2007
U.S. Chamber President Calls for Strong Action to Bolster America's Capital Markets
Competitiveness of Capital Markets a Key Challenge Facing Nation
NEW YORK, N.Y.-U.S. Chamber of Commerce President and CEO Thomas J. Donohue called for strong action to ensure the competitive edge of America's capital markets during a major speech at New York City's NASDAQ MarketSite. Donohue identified strengthening U.S. capital markets as one of the key challenges facing the nation.
"The U.S. markets, which power innovation and entrepreneurship as well as secure the retirements of tens of millions of older Americans, are losing important business to emerging market centers around the world," said Donohue, who delivered an address at Equities Magazine's Transatlantic Conference. "They are losing this business in part because we have saddled our markets with too much regulation, litigation, and non competitive costs and taxes. Plus, we are allowing some labor unions and trial lawyers to abuse the system."
In his remarks, Donohue stated the Chamber's new Center for Capital Markets Competitiveness is striving to make sure America has the fairest, most efficient, and most attractive capital markets in the world. He also stressed there should be strong protections against fraud and that reasonable regulations have an important role to play, but not every investment loss, market downturn, or bubble should result in legislation, regulation, or litigation.
"The regulatory systems governing our markets need to be modernized," said Donohue. "We must ensure the viability of global accounting, protect companies from excessive litigation and abusive enforcement tactics, and stop special interests from stretching the rules governing markets and companies in order to pursue their own agendas - to the detriment of the vast majority of shareholders."
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.
The speech can be viewed at:
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