The U.S. Chamber of Commerce’s Center for Capital Markets Competitiveness released on Thursday the “Fix, Add, Replace Agenda” that targets certain provisions of Dodd-Frank to be fixed and identifies regulatory areas unaddressed by Dodd-Frank.
“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,” David Hirschmann, the president and CEO of the Chamber of Commerce’s Center for Capital Markets Competitiveness, said. “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.”
In its FAR report, the CCMC recommended that the CFPB director be replaced with a bipartisan commission “to ensure continuity and a balanced approach to policymaking,” the placement of the CFPB budget under the congressional appropriations process and more effective coordination between regulators to ensure CFPB regulations do not conflict with other regulations.
The CCMC also recommended that the SEC and CFTC’s whistleblower programs be amended to make any wrongdoer convicted of a crime ineligible for a reward and the enactment of legislation to exempt non-financial end-users from “onerous, costly and unnecessary margin requirements.” The report also recommended that efforts should be made to increase the FSOC’s transparency and to preserve levels of “fiduciary” duty so investors “have the option to determine level of service and cost of investments.”