U.S. Chamber of Commerce preps for G-20

In preparation for leaders convening for the G-20 this weekend, the U.S. Chamber of Commerce (USCC) Center for Capital Markets Competitiveness (CCMC) has revealed seven key principles to help strengthen the U.S. financial markets.

According to the CCMC’s press release, the principles were developed in consultation with a wide range of business leaders, academics, and investors. David Hirschmann, president and CEO of the U.S. Chamber CCMC said the principles are: (1) promotion of economic stability, efficiency and growth; (2) management of systemic risk; (3) internationalization (“there’s no such thing as a domestic market”); (4) comprehensive regulation and oversight; (5) increased transparency; (6) investor opportunity, capital formation, and consumer protection; and (7) sustaining and enhancing financial reporting.

There were comments in regard to the congressional proposal to assist General Motors Corp., Ford Motor Co. and Chrysler LLC with $25 billion in loans from the Troubled Assets Relief Program (TARP). David Chavern, Executive Vice President and Chief Operating Officer of the USCC said, “allowing them to fail during what will end up being just a relatively short period of economic dislocation would be a big mistake…We have been very public in supporting the finalization of $25 billion in financing for new technologies.” Chavern continued “we don’t know how long this recession’s going to last, but however long it’s going to last it’s going to be a lot shorter of a time that the auto industry has existed in this country.”

Chavern also said the USCC strongly supports a second stimulus package especially for extending unemployment benefits and investing in infrastructure.

According to the official G-20 website, the G-20 is an important forum to promote dialogue between advanced and emerging countries on key issues regarding economic growth and stability of the financial system.