U.S. Chamber of Commerce Offers Pro-Growth Agenda for a New Administration
The U.S. Chamber of Commerce proposed a pro-growth legislative and regulatory agenda for the next administration. The recommendations are intended to strengthen and promote capital market formation.
The Chamber proposed:
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creating a "truly bipartisan" Presidential Commission on Financial Regulatory Restructuring, which would be "limited solely to restructuring and should not opine on regulatory policies;"
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reforming and placing the regulatory processes of the Federal Reserve and other banking regulators on par with other agencies;
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reconstituting the Financial Stability Board through a treaty to create transparent and accountable regulatory and designation processes;
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modernizing rule writing through enhanced economic analysis and examination of existing regulations before creating new ones;
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reforming the Financial Stability Oversight Council and clarifying the use of systemic risk designations and regulation;
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providing relief for small, medium and regional banks from enhanced regulations and systemic risk regulations and tailoring systemic risk regulation to the nonbank business model;
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conducting a study of major regulatory initiatives for cumulative impacts on all financial institutions, their customers and economic growth;
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restructuring the Consumer Financial Protection Bureau into a commission and placing it under congressional oversight through appropriations;
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creating a special bi-cameral committee to study the FinTech landscape and its policy recommendations;
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repealing the Department of Labor's Fiduciary Duty Rule and replacing it with a SEC uniform fiduciary standard rule;
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creating a Financial Reporting Forum to identify and address emerging financial reporting issues;
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reforming corporate governance SEA Rule 14a-8 requirements (proxy rules) and modernizing shareholder resubmission thresholds;
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creating fair due process through the SEC and Congress by creating rights of discovery, right of removal in complex cases, and preservation of right to jury trial; and
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passing a "JOBS Act 2.0 package," which would "build on the work begun in the JOBS Act by passing bills that promote capital formation."
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