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Corporate Governance Letter: Business Roundtable Organizations Express Views on the Financial CHOICE Act of 2017

May 2, 2017

The Honorable Jeb Hensarling

Chairman

Committee on Financial Services

U.S. House of Representatives

Washington, DC 20515 

The Honorable Maxine Waters

Ranking Member

Committee on Financial Services

U.S. House of Representatives

Washington, DC 20515

 

Dear Chairman Hensarling and Ranking Member Waters:

On behalf of the CEOs of Business Roundtable, whose companies employ nearly 15 million Americans, I write to express our views on the Financial CHOICE Act of 2017.

America’s business leaders have consistently called for a smarter, more effective approach to financial services regulation that targets systemic economic risks without limiting business creativity and innovation.

In that spirit, we support several of the key provisions of the Financial CHOICE Act, because they would:

  • Improve oversight and accountability of proxy advisory firms;
  • Modernize the shareholder proposal process by updating ownership thresholds and holding requirements for eligibility to offer proposals;
  • Reset the proxy access process, enabling modernization and reform;
  • Remove the government from the business of regulating private-sector compensation;
  • Eliminate the Volcker Rule, which would re-impose an outdated financial regulatory regime on the U.S. banking sector;
  • Modernize the civil penalty regulations and procedures at the U.S. Securities and Exchange Commission; and
  • Eliminate the mandatory disclosure of non-material information, including specialized public company disclosure.

These specific provisions will lead to more effective financial services regulation that focuses on real economic risks while enabling businesses to increase investment, innovation and growth.

Thank you for your attention to these important issues.

Sincerely,

 

John Hayes

Chairman, President and Chief Executive Officer

Ball Corporation

Chair, Corporate Governance Committee

Business Roundtable