U.S. Chamber Report Proposes Transformational Reform of the SEC

On December 14, the Chamber’s Center for Capital Markets Competitiveness (CCMC) released U.S. Securities and Exchange Commission: A Roadmap for Transformational Reform, calling for increasing commission from five to seven members as part of 28 recommendations to turn around the Agency. 

In order to archive transformational reform, the report recommends: 

  1. Developing a bold and clear plan 
  2. Putting someone in charge of implementing the plan
  3. Removing statutory and practical obstacles
  4. Tying increased funding and resources to the transformation proces

Click here to download the report.  

Recent Comment Letters

1/24-Comment Letter to the CFPB Regarding the Small Business Provisions of the Dodd-Frank Act.

1/17-Letter to the Federal Reserve, FDIC, SEC, OCC, and CFTC Regarding Prohibitions and Restrictions on Proprietary Trading and Certain Interests in and Relationships with, Hedge Funds and Private Equity Funds.

1/9 – Letter to the PCAOB on Improving the Transparency of Audits.

12/19 – Comment Letter to FSOC Regarding Authority to Require Supervision and Regulation of Certain Nonbank Financial Companies.

12/16 – Joint Comment Letter to the FIO on the Report to Congress on How to Modernize and Improve the System of Insurance Regulation in the U.S.

12/16 – Joint Comment Letter to SEC Regarding Study to Determine the Extent to Which Private Rights of Action Under the Antifraud Provisions of the Securities Exchange Act of 1934.

12/7 - Letter to the Senate Opposing the Nomination of Richard Cordray as Director of the CFPB

12/5 – Joint Comment Letter to the CFPB Regarding Notice of Modified Privacy Act System of Records.

11/17 – Letter to Chairman Schapiro Regarding Money Market Funds.

11/17 – Comment Letter to the Federal Reserve, FDIC, SEC, and Office of the Comptroller of the Currency Regarding Volcker Rule Re-Proposal and Extension Notice.

11/15 – Letter to Senators Reed and Crapo Regarding Senate Committee on Banking, Housing, and Urban Affairs Subcommittee on Securities, Insurance and Investment holds a hearing entitled “Management and Structural Reforms at the SEC”

11/14 – Letter to The Honorable Scott Garrett and The Honorable Maxine Waters Supporting H.R. 2308, the “SEC Regulatory Accountability Act”.

11/11 – Comment Letter to FINRA on Proposed Amendment to NASD Rule 2340 to Address Values of Unlisted Direct Participation Programs and Real Estate Investment Trusts in Customer Account Statements.

11/8 – Comment Letter to the Department of Treasury Regarding Post-Employment Restrictions for the Employees of the Department of Treasury.

11/7 – Comment Letter to ISS Regarding 2012 Draft Policies

11/7 – Coalition Comment Letter to ISS Regarding Proposed 2012 Proxy Voting Policy on Political Spending.

11/7 – Letter to the SEC Regarding Companies Engaged in the Business of Acquiring Mortgages and Mortgage-Related Instruments.

11/7 – Letter to the SEC Regarding Treatment of Asset-Backed Issuers Under the Investment Company Act.

 Click here to view all comment letters.



Chamber Calls for Re-Proposal and Delay of Volcker Rule

“If America wants to maintain its place as the premier global capital markets, then we need to hit the reset button on this proposal,” said David Hirschmann, President and CEO, CCMC. 

Read the Press Release
Read the Comment Letter 
 


 CFPB Spotlight

 Visit www.CFPBSpotlight.com

The purpose of the site keep the public informed as the government takes on the task of building, staffing, and setting forth an agenda for the CFPB. 

Richard Cordray Nomination

On July 18, President Obama nominated Richard Cordray to head the Bureau. On December 8, the Senate opposed the Nomination of Richard Cordray for Director of the CFPB. The Chamber sent a letter to the Senate opposing the nomination. Read the letter. Read our statement on the vote.  

CFPB: The Need For Checks and Balances

The CFPB, the new agency is insulated from the traditional checks and balances other independent agencies comply with. Click here to see a comparison of selected federal regulators showing the different layers of accountability facing selected independent agencies.