Heads of local financial institutions, members of Congress and the U.S. Chamber of Commerce came together to discuss reforming the country’s capital markets. The Columbia Chamber of Commerce partnered with the U.S. Chamber of Commerce Center for Capital Markets Competitiveness (CCMC) to host a Financial Services Roundtable yesterday at Stoney Creek Hotel & Conference Center. These individuals got the opportunity to hear about and discuss the efforts in Congress to reform America’s Capital markets directly with key political actors who are part of the process. Roundtable speakers included Tom Quaadman, Executive Vice President of the CCMC, Congresswoman Vicky Hartzler, and Chairman Blaine Luetkemeyer, who has recently been appointed chair of the House Financial Services Subcommittee on Financial Institutions and Consumer Credit.
“Missouri’s small businesses and dynamic, growing companies all across the country rely on their financial partners to help manage cash flow, reduce risk and finance investment in new facilities and jobs,” Quaadman said. “The unrivaled diversity and innovation of the American financial system has made this possible, and the U.S. Chamber has proposed serious, positive solutions for the future, aimed at harnessing the power of that financial system for local economies.”
Following the financial crisis of 2008, policies and regulations were enacted that were intended to promote financial stability and avoid the reoccurrence of such a catastrophe in our capital markets. However, the resulting increase in regulatory power and lack of funding for small businesses has hurt both job growth as well as capital gains for many individuals.
“Dodd-Frank has proven to be a failure. It has failed consumers, community banks and financial institutions across Missouri. Reform is badly needed so consumers have access to credit, free checking and the tools they need to be financially successful and independent,” Luetkemeyer said. “I look forward to the work my subcommittee will tackle this Congress. The CFPB must be reformed and held accountable to the American people.”
Roundtable speakers, along with the new administration at the local, state and national levels, are faced with the challenge, but will also be presented with many opportunities to correct the shortcomings of regulations that are hurting our capital markets.
“We are working to ensure the United States has the smart, modern financial regulatory structure needed to create fair and efficient capital markets, spur business growth, and provide consumers with information and security needed to prosper in today’s economy,” Hartzler said. “What we need is smarter regulation, not just more of it. The Trump Administration’s Executive Order requiring the elimination of two regulations for each new one is a step in the right direction in terms of undoing some of the policies currently stifling growth. I am hopeful these actions and our work will make Mid-Missouri competitive again.”
The Columbia Chamber of Commerce was established in 1905 and is a voluntary, member-supported organization of business, industrial and professional people who are dedicated to developing, promoting and maintaining a sound and healthy economic climate for Columbia. The Columbia Chamber of Commerce is recognized as a 5-Star Accredited Chamber by the United States Chamber of Commerce which places it as one of the top operating chambers of commerce in the country.
***This event was recorded. You can watch the recording on the Chamber’s YouTube page.***