Chamber sets sights on Senate
December 13, 2009 | federal legislation, industry | Comments (0)From the story:
“While we are disappointed with House passage of a 1,300-page financial regulatory reform bill that leaves many of the underlying issues unaddressed, we are encouraged that there is growing recognition that there is a better way to overhaul our outdated, financial regulatory system,” the U.S. Chamber said in a statement posted to its website after Friday’s House vote. “We now look forward to working with the Senate to advance more effective reforms that will protect investors and strengthen our capital markets without adding new layers of bureaucracy on top of the current system.”
Now the U.S. Chamber, representing more than 3 million small-to-medium businesses and organizations, is fixing its sights on the Senate version of financial regulatory overhaul, and hoping to convince moderate Democrats to downsize the CFPA’s regulatory reach and fine-tune legal ambiguities.
It orchestrated an expensive and ambitious campaign against a Consumer Financial Protection Agency, but the U.S. Chamber of Commerce lost that bid on Friday when the House passed its financial oversight reform bill, and the new agency along with it.
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