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Business Roundtable Opposes the Restoring American Financial Stability Act Conference Report

Washington – “Business Roundtable has been an active advocate for strong, sensible financial regulatory reform; unfortunately, we believe the efforts of the House and Senate conferees have veered off course, and will have dire consequences for U.S. global competitiveness, long-term sustainable economic growth and job creation.

“Our members support reform that addresses the root causes of the financial crisis, however many of the provisions included in the Conference Report are unrelated to those factors and will substantially increase costs and promote economic uncertainty for small and large businesses alike.

“Business Roundtable lauds the efforts by Senator Chambliss and appreciates the commitments of Chairmen Frank and Dodd, to correct the legislative language that would allow margins to be imposed on end-users; regrettably, serious problems still exist that will adversely affect the more than 12,000 non-financial companies in the U.S., who were victims – and not the cause – of America’s financial distress.

“In addition, among the many corporate governance provisions, none of which are related to the financial crisis, the disruptive proxy access provision will stifle American companies’ ability to focus on long-term growth.

“Business Roundtable is concerned with the overall tenor of a bill that paints the U.S. business community with a broad brush and imposes a one-size-fits-all approach on a very diverse, vibrant set of economic participants. As business leaders, we have been at the table and will continue to advocate for effective policies that encourage investment, innovation and job growth in America,” said John J. Castellani, President and CEO of Business Roundtable.