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November 6, 2007

Chamber: FSR Study a Critical Voice in Calling for Needed Financial Industry Reforms

WASHINGTON, D.C. – U.S. Chamber Institute for Legal Reform President Lisa A. Rickard, and the U.S. Chamber Center for Capital Markets Competitiveness Executive Director Michael Ryan, released the following joint statement on the Financial Services Roundtable blue ribbon commission report (pdf) on enhancing competitiveness of the U.S. capital markets system:

“Of the many reports and recommendations recently made on the future competitiveness of America’s financial services system, today’s report by The Financial Services Roundtable offers strong recommendations to many problems facing our capital markets. Of particular note is the analysis of the problems relating to securities class action litigation, and the specific changes that must be made in this area in order to remain globally competitive.

“Our nation is the leader in the world’s financial markets. Our financial services industry has a unique vantage point on both the current challenges as well as the solutions needed to keep our capital markets strong.

“We are pleased to have participated as commissioners on this report. We believe structural and regulatory reforms are critical for the U.S. to remain competitive in the global marketplace.

“It is our hope that Congress and the Administration share this vision and will undertake a comprehensive review of the recommendations proposed in today’s Financial Services Roundtable Report.”

The mission of the Institute for Legal Reform is to make America’s legal system simpler, fairer, and faster for everyone. It seeks to promote civil justice reform through legislative, political, judicial, and educational activities at the national, state, and local levels. The U.S. Chamber of Commerce is the world’s largest business federation, representing more than 3 million businesses and organizations of every size, sector, and region.

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