Washington, U.S. Chamber of Commerce Center for Capital Markets Competitiveness President and CEO David Hirschmann issued the following statement today regarding the coalition of labor and public interest groups launching a campaign aimed at attacking Wall Street:
“While we welcome the debate, these are bad ideas that have been tried before and failed. The take on Wall Street agenda, headlined by Senator Warren, should be called the no-growth agenda.
“We need to stop the partisan sniping and rally around pro-growth plans that can benefit all Americans. Rather than pitting one group against another, we should put in place policies that unleash entrepreneurs and empower American ingenuity to bring in a new era of prosperity. It is also disappointing that the ranking member of the House Small Business committee would engage in such harmful rhetoric when small business creation has hit historic all-time lows.
“Main Street businesses need a diverse vibrant financial system. Equally disappointing is Senator Warren turning her back on principles put forth by President Kennedy to unleash growth and democratize America’s capital markets. Don’t be fooled, the positions of this new coalition will strangle small businesses and Main Street. The stakes are too high this election season and we need to have a debate of ideas, not a worthless witch hunt.”
Since its inception in 2007, the Center for Capital Markets Competitiveness has led a bipartisan effort to modernize and strengthen the outmoded regulatory systems that have governed our capital markets. The CCMC is committed to working aggressively with the administration, Congress, and global leaders to implement reforms to strengthen the economy, restore investor confidence, and ensure well-functioning capital markets.
The U.S. Chamber of Commerce is the world’s largest business federation representing the interests of more than 3 million businesses of all sizes, sectors, and regions, as well as state and local chambers and industry associations.