Chamber Of Commerce Weighs In On Consumer Protections

John DuBois - University of New Mexico/Talk Radio News Service

In efforts to strengthen consumer protection without adding regulatory layers and government bureaucracy, the U.S. Chamber of Commerce put forth alternatives to the proposed Consumer Financial Protection Agency Act on Tuesday.

According to a press release, the Chamber recommended the “Consumer Protection Council (CPC) to ensure coordination of regulatory and enforcement actions among the federal financial regulators.”

David Hirschmann, President and Chief Executive Officer of the U.S. Chamber of Commerce's Center for Capital Markets Competitiveness said that there are four fundamental flaws in the nation's current regulatory system.

According to Hirshcmann, those issues include consumers not having access to transparent, useable information on financial products, regulation not being a high enough priority, a lack of enforcement against predatory practices and a lack of coordination among regulators.

Chamber Of Commerce Tells Senate They Are Willing To Work On Climate Change

Travis Martinez, University of New Mexico/Talk Radio News Service

The United States Chamber of Commerce emailed a letter Tuesday to the heads of the Senate Committee on Environment and Public Works during the markup of the Kerry-Boxer climate change bill, stating that the business lobby is willing to work with the committee to address climate change.

The letter, sent by R. Bruce Josten, Executive Vice President for Government Affairs, stated that "climate change is an important issue for this Congress to address, the chamber stands ready to work with Congress to resolve this issue in a bipartisan matter. It’s not whether to do something, but how."

The chamber urged the committee to take important steps to bridge the political and geographical divide that prevented the similar efforts to pass effective climate change legislation in past years.

“This really is a game changer... If the Chamber of Commerce that has long opposed climate change is now saying [this] in their first sentence this is a tremendous signal,” said Chairwoman Barbara Boxer (D-Calif.).

Boxer declined to put the letter on record until they could authenticate it.

The politically charged prank troupe "Yes Men" recently held a fake press conference posing as members of the Chamber of Commerce in which they stated the organization supports climate change legislation.

Maliki Confident That U.S.-Iraq Economic Relations Will Prosper

By Courtney Costello- Talk Radio News Service

Iraqi Prime Minister Nouri Al-Maliki expressed his support for stronger economic relations between the U.S. and Iraq on Friday at the U.S. Chamber of Commerce's Iraq Business Initiative conference.

Through a translator, Maliki said he supported a firm economic alliance with the U.S. and described Iraq's economic turn around. He said that Iraq has become a promising market and has much to offer in terms of infrastructure and business. He also commented on Iraq's initiative to boost its economy and move it from a centralized system to an open market.

Said Thomas J. Donohue, President and CEO of the U.S. Chamber of Commerce, "The U.S. Chamber is prepared to play a special role in forging closer commercial ties between the United States and Iraq."

Donohue added that "Iraq must also do its part to attract foreign investment. It must root out corruption, increase transparency, strengthen the rule of law and remove barriers to doing business."

Maliki explained how Iraq's increased security level has benefited the country's economy, stating that citizens have seen their average wages increase dramatically from 700 dollars per year to 4,000 dollars per year. He also said that the nation's inflation rate has lowered drastically as has its unemployment rate, which has decreased roughly 35% in recent years.

"There is no question that U.S. companies have many opportunities to help revive the Iraqi economy [and] beat down 25 years of brutal dictatorship with a strong economy," said Donohue.

The U.S. Chamber of Commerce will be hosting the U.S.-Iraq Business and Investment Summit on October 20th-21st, which it will underline economic improvements that have been made in Iraq as well as help the country gain even more U.S. investment support.

Canadian Prime Minister Upset Over "Buy American" Provision

By Joseph Russell- Talk Radio News Service

The US Chamber of Commerce has initiated an aggressive grassroots campaign using TV, radio, online and print media to educate Americans about unlawful government regulations.The Chamber is addressing growing concerns that “Buy American” provisions in the American Recovery and Reinvestment Act (ARRA) are risking American and Canadian jobs. Canadian Prime Minister Stephen Harper plans to launch his own campaign that involves meeting with President Obama directly to discuss removing “Buy American” provisions and to possibly renegotiate trade agreements.  

Jay Myers, President and CEO of Canadian Manufactures and Exporters, said Prime Minister Harper wants to meet with President Obama to restructure the “Buy American” provisions out of respect for trade agreements. “We’re concerned because we’re seeing these much more restrictive provisions being added to other appropriation bills beyond the recovery act” Myers said.

The Chamber claims “Buy American” provisions risk $3 billion in lost business because U.S. firms who rely on Canadian products are excluded from municipal contracts. Additionally, Canadian firms operating inside the U.S. are also exempted from ARRA contracts. The Chamber is particularly concerned that such a high loss of business will lead to an increase in U.S. job loss. Chamber Vice President for East Asia Myron Brilliant said these provisions will cause Canada and other countries worldwide to retaliate with “Buy Canadian” provisions in an attempt to prove that ARRA exemptions are “hindering, not helping.”

The Chamber wants Obama to give special guidance to state and local municipalities so federal trade agreements are respected. Currently, the ARRA allows local governments to administer $280 billion in funds while ignoring international trade agreements. The Chamber originally supported the ARRA, but now notes the potential for business disruption.

Get your bags packed for Cuba

by Christina Lovato, University of New Mexico-Talk Radio News Service

“We ought not punish the American people. We ought to have the freedom to travel to Cuba and that is what the Freedom to Travel Act provides,” said Senator Byron Dorgan (D-N.D.)

Today in a press conference Senators Michael Enzi (R-Wyo.), Christopher Dodd (D-Conn.) and Dorgan introduced The Freedom to Travel to Cuba Act, S. 428, which would end the current ban on travel by Americans to Cuba. The U.S. government allows Americans to travel almost anywhere in the world except for Cuba, the only exceptions are in time of war between the U.S. and Cuba or imminent danger to the public health or physical safety of U.S. travelers.

“Every time that we have brought up one of these bills there’s a downside to it. The downside to it is that Castro has always done something that really violated human rights and raised the ire of the American people who said ‘how can you possibly eliminate any of the restrictions on Cuba?’ Well that’s exactly why they do those things. They don’t want us to reduce any of those restrictions. They don’t want the inter- operation or inter-communication with American citizens.... That’s what we’re doing with this bill, we’re trying something just a little different and I think it will make a huge impact. It will change Cuba and it will change other of our policies,” said Senator Enzi.

Myron Brilliant, the Senior Vice President of International Affairs at the U.S. Chamber of Commerce said that this act would help elevate our relationships in Latin America and change perceptions of foreign policy around the world. “We have been a long standing opponent of the embargo with Cuba. We see the end of the travel ban as an important first step but ultimately what we want to see is also an end of the trade embargo.... You can continue to count on the U.S. Chamber of Commerce to oppose unilateral economic sanctions, they do not wok,” he stated.

Senator Dorgan said that this issue is a failed policy that has failed for 50 years and he is confident that this Act will pass through Congress. “We hope for greater human rights in Cuba. We have no interest in the Castro government except to find a way to replace it at some point in the future so that the Cuban people have the freedoms they deserve,” concluded Dorgan.

“Cuba has consistently stood out as the one country in the western hemisphere that represses nearly all forms of political dissent..... The dismal state of human rights in Cuba has not improved since the hand over of power from Fidel to Raul Castro.... We urge the U.S. government to use this bill’s introduction to begin a broader re-evaluation and reform of its polices toward Cuba,” said Jose Miguel Vivanco, the Executive Director of the Americas Divison of Human Rights Watch.