Financial Regulatory Forum

By Karey Wutkowski and Kevin Drawbaugh

WASHINGTON, Dec 8 (Reuters) – U.S. industry is freshening its attack on financial reform, pledging more cash to defeat a new consumer agency and raising concerns over a provision that could force secured creditors to shoulder losses.

The U.S. Chamber of Commerce on Tuesday unveiled a new radio and television advertising campaign that portrays the proposed Consumer Financial Protection Agency as a threat to small business and economic growth.

The push comes just one day before the full U.S. House of Representatives is scheduled to start debating a massive legislative package that would overhaul financial regulation.

The chamber, the nation’s largest business lobbying group, said it will spend “well more” than its original estimate of $2 million to quash plans to create the new agency.

Another controversial proposal that is part of the sweeping reform package is one that would force secured creditors to take a 20 percent loss if a large financial firm fails.

WASHINGTON, Oct 8 (Reuters) – Republicans urged President Barack Obama on Thursday to roll back “Buy American” provisions of this year’s economic stimulus package that they said were delaying public works projects and costing American jobs.
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Sept 11 (Reuters) – The U.S. Chamber of Commerce and 20 companies have raised objections to the U.S. Securities and Exchange Commission’s proposed limits on the kinds of debt money-market mutual funds can buy, the Wall Street Journal said, citing a chamber letter to the SEC.

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By Kevin Drawbaugh
WASHINGTON, July 22 (Reuters) – Congressional Democrats pledged on Wednesday to engage the banking industry in a summer-long debate over the Obama administration’s call for the creation of a U.S. Consumer Financial Protection Agency. (more…)