The U.S. Chamber of Commerce proposed a pro-growth legislative and regulatory agenda for the next administration. The recommendations are intended to strengthen and promote capital market formation.

The Chamber proposed:

  • creating a "truly bipartisan" Presidential Commission on Financial Regulatory Restructuring, which would be "limited solely to restructuring and should not opine on regulatory policies;"
  • reforming and placing the regulatory processes of the Federal Reserve and other banking regulators on par with other agencies;
  • reconstituting the Financial Stability Board through a treaty to create transparent and accountable regulatory and designation processes;
  • modernizing rule writing through enhanced economic analysis and examination of existing regulations before creating new ones;
  • reforming the Financial Stability Oversight Council and clarifying the use of systemic risk designations and regulation;
  • providing relief for small, medium and regional banks from enhanced regulations and systemic risk regulations and tailoring systemic risk regulation to the nonbank business model;
  • conducting a study of major regulatory initiatives for cumulative impacts on all financial institutions, their customers and economic growth;
  • restructuring the Consumer Financial Protection Bureau into a commission and placing it under congressional oversight through appropriations;
  • creating a special bi-cameral committee to study the FinTech landscape and its policy recommendations;
  • repealing the Department of Labor's Fiduciary Duty Rule and replacing it with a SEC uniform fiduciary standard rule;
  • creating a Financial Reporting Forum to identify and address emerging financial reporting issues;
  • reforming corporate governance SEA Rule 14a-8 requirements (proxy rules) and modernizing shareholder resubmission thresholds;
  • creating fair due process through the SEC and Congress by creating rights of discovery, right of removal in complex cases, and preservation of right to jury trial; and
  • passing a "JOBS Act 2.0 package," which would "build on the work begun in the JOBS Act by passing bills that promote capital formation."

The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.