The Center for Capital Markets Competitiveness (CCMC) was announced last week during the Chamber's Capital Market Summit.

The Chamber represents 3 million businesses and wants to see the rules relaxed, but at the summit Wednesday, Securities and Exchange Commission Chairman Cox said he opposes weakening the law.

"We don't need to change the law," Cox said. "We need to change the way it is implemented."

In a statement, the Chamber said the new center will address domestic and international securities regulation, as well as challenges to the auditing profession, proxy rules, business due process, and a host of other issues.
     
"Solutions have been proposed and now it is time for action," said Chamber President and CEO Tom Donohue. "There's been thoughtful consideration on how to improve our capital markets. What's missing is a dedicated vehicle whose sole mission is to advance reforms. That's the purpose of this center." 
     
The center will begin by aggressively implementing key recommendations from three major reports examining capital markets competitiveness produced by the Chamber's bipartisan, independent Commission on the Regulation of U.S. Capital Markets in the 21st Century, the Hal Scott committee, and the Schumer-Bloomberg initiative.
     
Among the top priorities will be modernizing the 70-year-old regulatory framework governing markets; eliminating duplicative and overlapping layers of regulation and enforcement that undermine efficiency; and harmonizing rules with global trading partners.