Chamber Of Commerce Offers Agenda To Overhaul Dodd-Frank Act

Posted by Orb Staff on April 05, 2013 No Comments
Categories : Residential Mortgage

13595_sale Chamber Of Commerce Offers Agenda To Overhaul Dodd-Frank Act The U.S. Chamber of Commerce's Center for Capital Markets Competitiveness (CCMC) has taken the Dodd-Frank Act to task with a new report that calls for overhauling the legislation in favor of ‘meaningful financial regulatory reform.’

According to the new report, entitled ‘The Fix, Add, Replace (FAR) Agenda,’ specific provisions of Dodd-Frank that need to be realigned include margin rules for derivatives. The report also identifies financial regulatory reform areas that the CCMC says were left unaddressed in the Dodd-Frank Act, including coordination among and consolidation of regulators, and it also highlights some areas ‘to be replaced because they simply do not work, such as the Volcker Rule.’

The CCMC adds that The FAR Agenda ‘is not an exhaustive list of all the challenges and changes needed but does reflect the areas that have the broadest impact on the American economy and the millions of businesses who rely on an effective capital formation system.’

‘The FAR Agenda is designed to ensure job creators of all sizes have access to investment and credit from well-functioning, well-regulated and divers sources of capital,’ says David Hirschmann, president and CEO of the CCMC. ‘Before the financial crisis, we called for fundamental regulatory reform of financial markets so American businesses could compete in a 21st century global economy. Dodd-Frank does not accomplish that goal. We believe that while there are disagreements about particular policy choices, the fundamental conclusion that our financial regulatory structure is still far from effective is widely supported. We must get financial regulatory reform right.’

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