Successfully reported this slideshow.
We use your LinkedIn profile and activity data to personalize ads and to show you more relevant ads. You can change your ad preferences anytime.

Restarting the Growth Engine: A Plan to Reform America's Capital Markets

140 views

Published on

A blueprint the next administration and Congress can follow to ensure our nation’s financial regulatory system both enhances financial stability and fuels Main Street economic growth. To achieve these goals, the action plan, with more than 100 recommendations, outlines a full list of critical issues that must be addressed by the next president and Congress, as well as shorter term action items that can be taken up in the first 100 days of the new administration.

Published in: Economy & Finance
  • Be the first to comment

  • Be the first to like this

Restarting the Growth Engine: A Plan to Reform America's Capital Markets

  1. 1. All Americans have a vested interest in strengthening America’s financial services industry, and the time has come to rally support for this effort.” Former New York Mayor Michael R. Bloomberg and U.S. Senator Charles Schumer. Sustaining New York’s and the US’ Global Financial Services Leadership, January 2007
  2. 2. The challenges of 2007 remain, but they have Become more complex. New challenges have risen as well. It is imperative that we make progress. The next administration has the opportunity to fix the mistakes of the past and address the structural shortfalls that may limit the future growth horizon. INTRODUCTION
  3. 3. Today the U.S. Chamber is releasing an action plan for the next administration. The hallmarks of the U.S. financial system have been diversity, competition, and innovation. The right solutions are needed to achieve the economic growth and job creation Americans expect and work hard to achieve. INTRODUCTION
  4. 4. The next administration should focus on nine subject areas: SUBJECT AREAS STRUCTURAL REGULATORY REFORM CAPITAL FORMATION AND FINTECH INTERNATIONAL COORDINATION LITIGATION REFORM AND RESTORING DUE PROCESS SYSTEMIC RISK SEC ENFORCEMENT REFORM RETIREMENT SAVINGS CONSUMER PROTECTION FINANCIAL REPORTING, CORPORATE GOVERANNCE, AND DISCLOSURE REFORM
  5. 5. Critical bi-partisan reforms for the next administration: 1. Create a Presidential Commission on Financial Regulatory Restructuring; 2. Negotiate to reconstitute the Financial Stability Board; 3. Create a bi-cameral committee to study the FinTech landscape; 4. Calculate the cumulative impact of current financial regulations; THE FIRST 100 DAYS ACTION PLAN
  6. 6. Critical bi-partisan reforms for the next administration: 5. Hold hearings on modernizing the regulatory process; 6. Enact legislation to reform the Fed, require international transparency, and tailor systemic risk regulation; 7. Initiate hearings on living wills and stress test procedures; and 8. Enact a JOBS Act 2.0 package. THE FIRST 100 DAYS ACTION PLAN
  7. 7. 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. PRINCIPAL RECOMMENDATIONS STRUCTURAL REGULATORY REFORM
  8. 8. Modernize rule writing through enhanced economic analysis and examination of existing regulations before creating new ones. PRINCIPAL RECOMMENDATIONS STRUCTURAL REGULATORY REFORM
  9. 9. Reconstitute the Financial Stability Board through a treaty to create transparent and accountable regulatory and designation processes. PRINCIPAL RECOMMENDATIONS INTERNATIONAL COORDINATION AND PROCESS
  10. 10. 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 tailor systemic risk regulation to nonbank business models. PRINCIPAL RECOMMENDATIONS SYSTEMIC RISK
  11. 11. Conduct a study of major regulatory initiatives for cumulative impacts on all institutions, their customers, and economic growth. PRINCIPAL RECOMMENDATIONS SYSTEMIC RISK
  12. 12. Restructure the Consumer Financial Protection Bureau into a commission and place it under congressional oversight through appropriations. PRINCIPAL RECOMMENDATIONS CONSUMER PROTECTION
  13. 13. Congress should enhance capital formation by passing a JOBS Act 2.0 package. Congress should create a special bi-cameral committee to study the FinTech landscape and its policy recommendations. PRINCIPAL RECOMMENDATIONS SYSTEMIC RISK
  14. 14. Repeal the Department of Labor’s fiduciary duty rule and replace it with a Security and Exchange Commission uniform fiduciary standard rule. PRINCIPAL RECOMMENDATIONS RETIREMENT SAVINGS
  15. 15. Create a Financial Reporting Forum to identify and address emerging financial reporting issues. Reform corporate governance 14a-8 rules and modernize shareholder resubmission thresholds. PRINCIPAL RECOMMENDATIONS FINANCIAL REPORTING CORPORATE GOVERNANCE
  16. 16. 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. PRINCIPAL RECOMMENDATIONS SEC ENFORCEMENT REFORM
  17. 17. www.FinancingGrowth.com FIND OUT MORE

×