Washington – “Business Roundtable member CEOs support targeted financial regulatory reform, however they are extremely disappointed by the conference committee’s final report, which does not address the causes of the financial crisis. The nearly 2,000-page bill was rushed to conclusion without due consideration of the consequences, intended and unintended, for U.S. global competitiveness, long-term sustainable economic growth and job creation.

“Far from effective reform, this legislation includes provisions totally unrelated to the financial crisis which may disrupt America’s fragile economic recovery, and increase instability and risk. In particular, the provisions granting the Commodities Futures Trading Commission authority to impose margin requirements on end-users will increase business risk and substantially raise costs for the more than 12,000 public companies that had nothing to do with the financial crisis – which could cost 100,000 – 120,000 American jobs.

“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 recognizes the need for an effective financial regulatory system, but the conference report is simply too much, too broad and, in fact, endangers our entire economy. Congress and the Administration must fully understand the effects that their decisions will have on American businesses and our nation’s ability to remain a global economic leader. 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.