Washington – “Business Roundtable member CEOs are extremely disappointed that the Senate has passed the Restoring American Financial Stability Act. The bill raises more questions and uncertainty than workable solutions. It has had no cost-benefit analysis and no examination of its impact on the more than 12,000 non-financial publicly traded companies. The potential negative impact to Main Street is alarming.

“This bill will reduce the international competitiveness of American businesses. In particular, the proxy access provision will handcuff directors and boards, impeding their ability to add jobs in the United States. Far from encouraging long-term growth, proxy access will exacerbate the near-sightedness that has come to be seen as one of the causes of the financial crisis.

“We have long championed the need for meaningful financial regulatory reform, but the Senate bill takes our country down the wrong path. Increased government involvement does not necessarily mean smarter, more effective regulation,” said John J. Castellani, President and CEO of Business Roundtable.