Whether we're discussing the Committee on Capital Markets Regulation spearheaded by Harvard's Hal Scott, the Bloomberg-Schumer McKinsey study, the efforts of U.S. Treasury Secretary Henry Paulson or the U.S. Chamber of Commerce-sponsored Commission on the Regulation of the U.S. Capital Markets in the 21st Century, the conclusion is generally the same: Sarbanes-Oxley implementation is a problem.
The heavy compliance burden that comes with the stiff regulatory regime is driving companies away from U.S. markets and diverting corporate time and money from the business side of the equation.
The fact that so many from such a wide spectrum -- Main Street, Wall Street, Republican, Democrat -- agree on even that much is a huge step in the right direction, says U.S. Chamber SVP David Hirschmann.
Hirschmann spoke to IT Business Edge yesterday regarding recommendations just released by the Commission on the Regulation of the U.S. Capital Markets in the 21st Century, and to elaborate on the role that the chamber's new Center for Capital Markets Competitiveness will play in helping the U.S. maintain its position as a leader in global capital markets.
His overarching theme? Studying the problem is good, agreeing that there is a problem is better, but taking action to resolve the problem is best -- and that's exactly what the new division of the U.S. Chamber of Commerce will devote its time and resources to do.
"Now's the time for action," Hirschmann says.