CCMC’s strategy agenda for reforming capital markets to maximize their potential. Contains recommendations concerning regulations, legislation, and reforms that will repair past mistakes and will finance growth to new horizons.
- Create a Presidential Commission on Financial Regulatory Restructuring;
- Reform and place the regulatory processes of the Federal Reserve and other banking regulators on par with other agencies;
- Reconstitute the Financial Stability Board through a treaty to create transparent and accountable regulatory and designation processes;
- Modernize rule writing through enhanced economic analysis and examination of existing regulations before creating new ones;
- Reform the Financial Stability Oversight Council and clarify use of systemic risk designations and regulation;
- Provide relief for small, medium and regional banks from enhanced regulations and systemic risk regulations and tailor systemic risk regulation to the nonbank business model;
- Conduct a study of major regulatory initiatives for cumulative impacts on all financial institutions, their customers and economic growth;
- Restructure the Consumer Financial Protection Bureau into a commission and place it under congressional oversight through appropriations;
- Congress should create a special bi-cameral committee to study the FinTech landscape and its policy recommendations;
- Repeal the Department of Labor’s Fiduciary Duty Rule and replace it with a Security and Exchange Commission (SEC) uniform fiduciary standard rule;
- Create a Financial Reporting Forum to identify and address emerging financial reporting issues;
- Reform corporate governance 14a-8 rules and modernize shareholder resubmission thresholds;
- Congress and the SEC should create fair due process by creating rights of discovery, right of removal in complex cases, and preservation of right to jury trial; and
- Congress should enhance capital formation by passing a JOBS Act 2.0 package.