Friends of the U.S. Chamber of Commerce

PRESS RELEASE: U.S. Chamber’s Hiring Our Heroes Teams with Hollywood on New Veterans Initiative ‘Got Your 6’

Top Broadcast and Cable Networks, Studios, Talent Agencies, and GuildsJoin Unprecedented Campaign to Help Veterans Succeed in Return to Civilian Life

LOS ANGELES, CA—The U.S. Chamber of Commerce’s Hiring Our Heroes program announced today it is joining with the entertainment industry as part of the new veterans initiative, Got Your 6™. The campaign brings together an unprecedented group of supporters, including nearly every major studio, broadcast and cable network, talent agency, and guild in the entertainment industry.  Hiring Our Heroes will serve as the lead non-profit partner for the jobs pillar of the campaign.

“It is an honor for Hiring Our Heroes to be a part of an effort that carries such a powerful and influential voice,” said Lt. Col. Kevin Schmiegel (Ret.), executive director of the U.S. Chamber’s Hiring Our Heroes program.  “To see virtually every major player in Hollywood come together on this initiative is a clear indicator they recognize the importance of our mission – to help the men and women who serve our country.  We look forward to working with Got Your 6 to reach millions of Americans and demonstrate the value that veterans and military spouses bring to the table.”

As part of the initiative, Got Your 6 will work with Hiring Our Heroes to facilitate commitments toward the “Hiring 500,000 Heroes” campaign.  The U.S. Chamber, National Chamber Foundation, and Capital One launched “Hiring 500,000 Heroes” on March 28, 2012, with a goal of engaging the business community in committing to hire 500,000 veterans and military spouses by the end of 2014.

“Got your six” is a military expression that means “I’ve got your back, and you’ve got mine.”  The six o’clock position or “six” is the designation of the rear of a military formation.  Initially conceived as an entertainment industry commitment at the Clinton Global Initiative America convening in Chicago in June 2011, Got Your 6 launches today with tremendous strength.  The campaign will mobilize the assets, expertise and talent of the entertainment industry, spanning film, television, gaming, print, radio, outdoor media, and social platforms to build awareness around this important issue.

“Over the next five years, more than one million service members will return to civilian life,” said Chris Marvin, managing director of Got Your 6 and director of Civilian-Military Partnerships for ServiceNation.  “It is imperative that Americans see this as an opportunity.  As we welcome this generation of veterans home, it is crucial that we view them and their families as leaders and civic assets.  With the full support of so many outstanding organizations like Hiring Our Heroes, Got Your 6 is a clear call to action for all Americans to join with our veterans in reinvigorating our communities.”

In March 2011, the Chamber, in conjunction with the National Chamber Foundation, launched its Hiring Our Heroes program, a nationwide effort to help veterans and military spouses find meaningful employment. The Chamber started the program to improve public-private sector coordination in local communities, where veterans and their families are returning every day.  To date, Hiring Our Heroes has hosted 162 hiring fairs in 48 states and the District of Columbia, helping more than 9,000 veterans and military spouses find employment.

The U.S. Chamber of Commerce is the world’s largest business federation representing the interests of more than 3 million businesses of all sizes, sectors, and regions, as well as state and local chambers and industry associations.

Feeling Nauseous Yet?

A roller coaster ride.

Stand Up for American Enterprise!

Stand with the job creators, innovators, and entrepreneurs that drive growth.

This week, the U.S. Chamber is celebrating our 100th Anniversary -- a century of standing up in the name of American Enterprise and representing the voice of businesses across the country in Washington D. C. 

In order to properly honor the entrepreneurs, the innovators, and the small business leaders that are the drivers of our free enterprise system, we’re asking all of our friends to unite on Facebook and spread the word to STAND UP for American Enterprise.

Click the image below and sign in with Facebook to show your family and friends that you stand up for American Enterprise and the issues that are vital to its success: lowering taxes, stopping Obamacare, increasing American energy, and reining in government regulations.

The real power of this tool lies in its ability to share and spread this message right there with your Facebook network. So take a moment to click and show your friends that you care about free markets and the people and principles that make America great.

We hope you’ll stand with us.

NEW RELEASE: Small Businesses Share Their Economic Outlook

They’re the heartbeat of our economy, represent 99.7 percent of all employer firms around the country, and employ almost half of America’s private sector workforce – and they’re telling us how today’s economic environment impacts their growth.

Earlier this week, we released the results of our Quarterly Small Business Outlook Survey for the first quarter of 2012, where over 1,300 small businesses from around the country outlined their outlook on the state of the economy as it relates to policies from Washington, hiring trends, and attitudes leading up to the elections. 

So, what do American small businesses identify as the biggest growing threats to their success?

According to our Q1 Small Business Outlook Survey, the recent spike in energy prices is growing as a small business obstacle.

The number of small business concerned about rising energy prices has doubled since our last survey, up from 10% to 24%.  Seventy-eight percent (78%) of small businesses have the perception that the Obama administration isn’t doing enough to address the surge in energy costs, support American jobs or energy production.

Concerns about over-regulation are also in the rise. 

Fifty-two percent (52%) of the businesses we surveyed cited regulatory burdens form the government as the top threat they face in 2012.

No matter the challenges, small businesses’ confidence about their own future continues to rise.

Our Q1 survey shows that small business confidence is up 7 percentage points from our last quarterly survey, even though new hiring has remained stagnant.  Businesses know what would help them start hiring again — a reduction in the taxes, regulation, and legislation that flows from Washington.  Eighty percent (80%) cited these as the biggest roadblocks to increased hiring.

Small businesses are looking to the upcoming elections to provide relief from the overreach of government.

An overwhelming majority, 97% of those we surveyed, said a candidate’s support for free enterprise is important to them, with 84% citing free enterprise as very important.  Not to mention, the vast majority really just wants Washington to get out of their way, with 81% favoring more certainty over more government help.

Click here to view the entire results of our 1st Quarter Small Business Outlook Survey.

The message from American small businesses is clear: We need to support the  free enterprise system and empower American businesses to lead our nation to recovery.

Leave a comment below and tell us how small businesses in your community are dealing.

Should the health care law be overturned?

Earlier this week, the Washington Times editorial page commented on the White House’s reactions to the Supreme Court hearing on the Constitutionality of the 2010 Patient Protection and Affordable Care Act.

Though deficits projects associated with the "Affordable Care Act" continue to rise, and devastating effects of the law are increasingly uncovered, the Washington Times highlighted the President saying that:

“I’m confident that the Supreme Court will not take what would be an unprecedented, extraordinary step of overturning a law that was passed by a strong majority of a democratically elected Congress,” he said.

Moreover, Mr. Obama argued that nullifying Obamacare would amount to “judicial activism,” whereby “unelected” judges trump the will of legislative representatives…

The Washington Times continued to explain:

Contrary to Mr. Obama’s spin, the Affordable Care Act was jammed through Congress. It passed the House by a narrow vote of 219-212, even though the Democrats had an overwhelming majority of 75 seats. In the Senate, it barely crossed the 60-vote threshold to avoid a filibuster and passed without a single Republican vote. The law was deeply unpopular with the electorate. Obama Democrats desperately rushed it through Congress, abusing parliamentary procedures and bribing key members of the Senate. It is today even less popular with voters. No one - including Mr. Obama - bothered to read the 2,700-page monstrosity before putting it into law.

With its laundry list of shortcomings and broken promises, it’s not hard to believe why the Supreme Court is taking careful consideration of the bill’s legitimacy.

It would not be “unprecedented” or “extraordinary” if the Supreme Court overturns Obamacare. For more than 200 years, the high court has struck down countless laws passed by Congress or state legislatures, many of them with much stronger majorities than the Affordable Care Act.

Read the full editorial here and vote below.

In the wake of evidence provided at the Supreme Court hearings against the 2010 health care overhaul, do you believe think we should keep the bill as is or start from scratch?

The Most Ridiculous Lawsuit in America?

America needs more jobs, not more lawsuits.

In 1998, the U.S. Chamber of Commerce founded the Institute for Legal Reform (ILR) to address the litigation explosion that hurts employers, consumers and families alike.

ILR's mission: To make America's legal system simpler, fairer and faster for everyone.

In these challenging economic times, the last thing we need is for businesses to face the added burden of lawsuit abuse. As part of their effort to shine a spotlight on the problem, the ILR team is on the constant look out for outrageous lawsuits slowing down the legal system to be presented  in a monthly Most Ridiculous Lawsuit Poll.

We’ll begin to feature these monthly polls here on the What We're Watching blog – and hope you’ll take a moment to vote, and forward it on to your friends.

Without further adieu, we invite you to click below to vote for which of this month's lawsuits you think is most ridiculous: 


 

Americans Have Said “NO” To Obamacare.

This week marks the 2nd anniversary of the passage of Obamacare, and more than half of all Americans oppose it.

Obamacare serves as a stark reminder that elections have very serious consequences.  We need to send more people to Washington that won’t only oppose job-killing and tax-raising pieces of legislation like Obamacare, but who are also pro-business, pro-jobs, and support policies that will unleash the productive power of the free enterprise system to get our economy roaring again.

As we’ve mentioned, the U.S. Chamber is engaged in an historic and unprecedented voter education campaign in 2012. Because elections have consequences, voters need to know who supports common-sense policies that will create jobs and who supports policies that will harm our economy.

Today, we’re profiling three more voter education ads that highlight the records of three members of Congress:

Wisconsin: Congresswoman Tammy Baldwin

Congresswoman Tammy Baldwin is one of those Washington politicians who’s making it harder for small businesses.  She fought hard for the health care overhaul, which will heap crushing costs onto businesses, strangling them with government red tape, and making it harder for them to grown and put more Americans to work.

Higher taxes.  More regulations.  New burdens on businesses.  That’s Tammy Baldwin’s record.  And we want to make sure Wisconsinites know the truth before they vote:

Michigan: Congressman Fred Upton

As chairman of the Energy and Commerce Committee in the House, Congressman Fred Upton has stood strong against new taxes that would have sent energy costs through the roof.  Upton opposed Obamacare and its job-killing mandates and taxes, and he’s heading the fight to repeal it.

Michigan needs more jobs, and Michigan voters should know that they have a pro-jobs friend in Representative in Fred Upton:

Pennsylvania: Congressman Mike Fitzpatrick

Congressman Mike Fitzpatrick is fighting to protect Pennsylvanians from the big government onslaught coming from Washington. He opposed Obamacare, and is working with Fred Upton and others to see that it is repealed.  Fitzpatrick knows that it’s not Washington or Congress that will jumpstart our economy — it’s small businesses and American free enterprise that will get America back on track and put Americans back to work.

Pennsylvanians need to know that Congressman Mike Fitzpatrick is on their side, working to protect Pennsylvania jobs and get our economy growing again.



Click here to see all of the ads that are part of our landmark 2012 voter education campaign.   As it turns 2 years old, Americans need to know who is fighting for them and fighting to end Obamacare.  

Who’s for Jobs? And Who’s Just Playing Politics?

Last week, we highlighted three of our new ads that are part of our multi-state voter education campaign.  The U.S. Chamber has set out to make sure that American voters know where their candidates stand on the issue of jobs before they head to the polls to choose their next members of Congress.

We need to get our economy growing again, so voters need to know who is supporting sensible pro-growth policies and who is placing political interests ahead of smart pro-jobs solutions.

Today, we’re highlighting three more of our new ads that will let you know where Congressman Joe Heck, Senator Claire McCaskill, and Virginia’s George Allen stand on the issues.

Congressman Joe Heck   

Over-regulation is keeping businesses wrapped up in government red tape.  High taxes make it harder for businesses to expand and create new jobs.  Because Congressman Joe Heck understands this, he’s been fighting to lower taxes and rein in regulatory overreach.

The recession has hit Nevada particularly hard, and Nevada voters are fortunate to have Joe Heck fighting for sensible pro-jobs policies:



Sen. Claire McCaskill   

Obamacare will place a new load of new mandates and burdens on businesses -- and it wouldn’t have passed without the vote of Missouri Sen. Claire McCaskill.  When Missouri voters had a chance to weigh in on Obamacare in 2012, 71% voted to reject ObamaCare’s mandates. 

So, why is Claire McCaskill still supporting ObamaCare?  See what Missouri voters need to know before November:



George Allen

George Allen has a record of working to help businesses grow and create new jobs.  As a U.S. Senator, he supported tax cuts that put more money in the hands of businesses. As Governor of Virginia, he was a bi-partisan leader for cutting spending and government waste.

Virginians should know that George Allen is fighting for jobs:



To view and share all of our ads click here.  Help us ensure that when Americans go to the polls this year, they vote for jobs.

Leave a comment below to tell us what you think of these candidates.

VIDEO: Free enterprise will bring America back

Last week, the U.S. Chamber launched its second round of 2012 Issue Ads in states and districts across the country.  It's all part of our largest voter eduction efforts to date - and it's only just the beginning.

These ads clearly demonstrate that the 2012 Elections will be a contest between those who believe Free Enterprise will bring America back, and those who favor Big Government.In listening to people around the country and looking at the principles our nation were founded upon, it's clear that Free Enterprise is the way to go.  

Please take a moment to view these videos and learn more about the issues affecting communities around the country.

New Employment Numbers Look Good, But What Are You Seeing?

New employment numbers just out this morning show that 243,000 jobs were added to the American economy in January, bringing the unemployment rate down to 8.3%.  That returns the unemployment rate back to where it was in January 2009.

Good news, right?  Well, yes and no.

It is, of course, a positive development that actual jobs created exceeded the 150,000 that were being predicted.  We always want to see more jobs being added by American employers, but we have a duty to dig deeper and take a more serious look beyond just these surface numbers.

U.S. Chamber Chief Economist Dr. Martin Regalia notes that when you take a closer look, there are some unsettling facts:

“More and more people are removing themselves from the workforce because they are discouraged over their inability to find work. At this stage of the business cycle—more than 2.5 years into a recovery—it’s not a good sign that people are leaving the workforce.”

That so many have chosen to cease looking for employment is a clear sign of the continued fragile state of our economy.

If the Americans who have removed themselves from the workforce entirely were to be considered, the unemployment rate would be far higher than 8.3%.

What are you seeing in your hometown?  More job creation? New businesses opening?   We want to hear from you. Please leave a comment below to let us know the economic situation where you live.

Running From Our Economic Shadow

You might remember Phil Connors as Bill Murray’s TV weatherman character in the classic comedy film, Groundhog Day.  In the movie, the cynical and jaded Connors wakes up, over and over and over again, to relive the same day — Groundhog Day.

It’s only when Connors sheds his cynicism and begins to reexamine his life and his priorities that he finally ceases repeating Groundhog Day and moves on with a better life.

Connors’ frustrations seem unfortunately familiar lately as we’ve been living our own Groundhog Day lately, waking up to the same frustrating economic news, day in and day out.

But, taking hint from Connors’ redemption, we hope that soon the politicians in Washington will begin to reexamine their policies and their priorities.  We hope they’ll begin to remove the excessive burdens on businesses.  We hope they’ll come to their senses on the Keystone XL pipeline so we can create new American jobs and help secure America’s energy future. We hope they’ll begin to embrace a real jobs agenda that promotes economic growth and prosperity for all.

What do you think Congress should to so that we can stop waking up each morning the relive our own bad economic Groundhog Day?

Ominous Budget Numbers: It's Time for Congress to Get Serious

We hear a lot of talk coming out of Washington about getting serious about fixing the stalled American economy.  But every day that passes without measures to cut spending or create growth makes it harder to take the Congress seriously.  

The day the president delivered the State of the Union speech marked exactly 1,000 days since the United States Senate had last passed a budget. We often hear pundits chide a "do-nothing Congress" and, in this instance, they're correct.  The failure of the Senate to pass a budget — any budget — for more than 1,000 days is a grievous display of irresponsibility on their part, especially with the budget deficit continuing to balloon to record numbers.

But the "do-nothing Congress" charge is only partly correct.  There are no less than 22 job-creation bills that have passed in the House aimed at addressing our economy’s sluggish growth and stalled job creation. All 22 of those bills have languished in the Senate, without so much as an up or down vote.

If Congress is really serious about fixing our economy, and if they're serious about creating jobs and growing American prosperity, the first step is to take action.  

That means producing a budget that begins to deal with American's exploding debt problem.  That means considering the 22 pieces of House-passed job creation legislation.

It means Congress doing the job the American people sent them there to do. 

We want to hear from you. What are your thoughts on yesterday’s CBO report?

Chamber Trivia: State of the Union Style

Tomorrow night, President Obama will deliver his annual State of the Union address.  

As tradition holds, House Speaker John Boehner formally invited the president to address a joint session of Congress — and the president, of course, accepted.

This yearly exchange between the President and the Speaker is just one of the many traditions and interesting pieces of history surrounding the State of the Union address — which is why we wanted to try something fun this year.

Join us on Twitter  tomorrow, Tuesday, January 24th for Chamber trivia -- State of the Union style. Throughout the day, be the first to reply correctly to one of 20 State of the Union trivia questions and you will be entered to win one of four American Express Gift Cards!

Play to win by following @USChamberAction and  #ChamberTrivia.

@USChamberAction will also be providing live commentary and fact checks during President Obama’s remarks starting at 9 PM EST.  Help us spread the word by retweeting one of RT @USChamberAction's fact checks during the speech for an extra chance to win!

There are some serious challenges facing America. But there’s no reason we can’t have some fun with this historic endeavor and encourage citizens to watch the address in the process.

We hope you’ll follow and join in on the trivia fun tomorrow.  

Click here to view the Official Contest Rules. 

2011 A Year in Grassroots

Happy Holidays from the U.S. Chamber

Millions of Available Jobs Going Unfilled?

A few weeks ago, we emailed the members of our Small Business Nation network and asked them if they were one of the millions of small businesses unable to hire because of an unskilled workforce.

Believe it or not, this is a real issue in the current economy. In October, CNBC reported that, “there are about 3.2 million job openings in America that companies are unable to fill.” asked them if they were one of the millions of small businesses unable to hire because of an unskilled workforce.

Then, earlier this month, the Wall Street Journal reported on a new survey that shows 40% of small businesses are having trouble filling positions.

The end result is an economy that has 4.2 jobseekers for every opening, yet many small businesses cannot find applicants for the work needed.

What are you thankful for?

The holiday season upon us, and we wanted to take a moment to express our gratitude for all the time and effort you have invested over the last year.

During the last several months, we have worked hard to make sure that our lawmakers in Washington are being held accountable for their decisions in helping our economy to grow and thrive again, and we’d be remiss not to acknowledge the people and the unparalleled grassroots efforts that make all of this possible.

Thank you.

We ask you now to join us as we take a moment to pause and express what we are thankful for in the comments section below.

SPOOKY: US debt to surpass GDP on Halloween

Happy Halloween from Friends of the U.S. Chamber. An article out last week shows that as of today, the average American's share of government debt is more than the average American makes in a year.

Talk about scary. 

As the Daily Caller says:

As children across America costume themselves as ghouls, ghosts, goblins and former North African dictators Monday night, they may have missed the most spine-chilling scare of the day. According to calculations based on the International Monetary Fund’s World Economic Outlook, on All Hallows’ Eve the United States’ total debt will surpass its Gross Domestic Product for the first time since World
War II.

That means the average American’s share of government debt is more than an average American makes in a year. Spooky!

On October 19 Bloomberg released a chart showing that per capita gross government debt would to exceed per capita GDP in the very near future.

As Bloomberg put it, “America’s bills are about to exceed its paycheck.

The Bloomberg calculations, based on IMF data from the September World Economic Outlook, showed that by 2016, debt will exceed per capita production by $8,000.

Read more online.

Man on the Street talks to the Wall Street Protestors

Fox News provides this entertaining "man on the street" segment with interviews of the Wall Street protestors.  Please leave your reactions to this video in the comments section.

 

Wisconsin Voters Show Appreciation for Real Leadership

Earlier this year, we saluted Governor Scott Walker and the majority of the Wisconsin legislature for stepping up to lead on real budget reforms meant to put their state on the path to fiscal health.

Despite reports showing the positive impact that these reforms are already having, the public sector labor unions are still seething about their passage — the impact of which weakened the unions’ iron grip on the state’s budget.

The unions tried to mount recall elections against the state senators who supported these budget reforms — but the election returns last week showed that Big Labor came up short.

Kudos to the voters of Wisconsin for turning their voices into action in support of real leadership.  We hope that the example provided by Wisconsin’s governor, legislators and voters alike can be used by lawmakers across the country — especially here in Washington — to provide bold and honest reforms to put America back to work.

To make sure that happens, it is up to you to hold your legislators accountable.  This video, taken at our recent Governors Summit, Governor Walker gave us some recommendations on how you too can get off the side lines and influence the conversation.

P.S. Want to get involved right away?  Explore America's Town Hall to speak up and stay engaged. 

The Boehner Plan Works. Let's Get It Done.

In case you haven’t seen, the U.S. Chamber has taken a stand behind Speaker Boehner’s proposal to avoid default by raising the debt ceiling.

However, the Speakers plan would goes beyond just that.  It would pump the brakes on the rampant Washington spending that has brought us to this crisis situation.

Passing this plan would be the major first step toward reversing what we have come to expect from Washington recently; excessive borrowing and over-spending that has threatened the full faith-and-credit of the United States and put us on the path to financial insolvency.

We realize some members of Congress, pundits, and voters don’t like the Boehner plan because it doesn’t go far enough. 

We agree that it isn’t perfect, but we also agree with the Manchester Union Leader editorial board that the “Boehner plan works.”  As the editorial states, the plan isn’t perfect...

“…But it does restrain federal spending, and it does not raise taxes.

If the Boehner plan (preferably with improvements sought on Wednesday) is the one sent to the President’s desk, he will have two choices: sign a plan that curbs spending in exchange for raising the debt ceiling, or veto it and be solely responsible for the consequences. He will sign it, and there will be no huge tax hikes. That would be a real win for conservatives and the nation, and a real loss for the President.”

Let’s avoid default, avoid raising taxes and curb Washington spending.

Let’s enact the Boehner plan so we can start the real work of getting our economy back on track.

Boehner’s proposal will be voted on as soon as 4 PM today.  It is time to request leadership from our members of Congress.  The hard decisions are being made, now we need Congress to stand up for them.

Email your members of Congress now to urge them to vote “YES” on the Boehner debt ceiling plan.

Default Is Not an Option -- Spread the Word

Cross-posted from Chamberpost

We have been telling you for weeks and months that defaulting on our debt is not an option – it has real, immediate, and potentially catastrophic consequences.

As Tom Donohue and Rob Nichols outlined in their joint USA Today op-ed just last week, failure to raise the debt ceiling would have calamitous results. It would halt government operations, make our debt and deficit situation worse, debase the value of the dollar and threaten its status as the world’s reserve currency, and hamper U.S. growth and job creation.

And we are going to remind you again. If Congress fails to raise the debt ceiling, there will be real impacts, for every American. Interest rates will rise for everyone – which means higher rates for American consumers and the small businesses who drive our economy. Car loans, mortgages, and business and student loans will all be more expensive.

Now, make no mistake; too much spending and the need for real entitlement reform has led to the debt crisis we’re in today. But jeopardizing our country’s credit rating and fiscal security by refusing to compromise isn’t the answer.

The result from political inaction could be devastating. Congress needs to increase the debt limit but, the debt ceiling is just the symptom; the real problem is the explosion of federal debt. 

According to new figures released by the Congressional Budget Office (CBO), debt is forecasted to rise to 190 % of GDP by 2035. CBO’s annual long-term budget outlook forecasts a surge in public debt this year that will rise to 70% of GDP by the end of fiscal year 2011 compared to   62 % by the end of 2010.  Beyond the 10 year budget window, the situation deteriorates even faster. 

We need to stop this downward spiral and get America back on the right track. Click here to contact Congress now and tell them to act immediately to raise the debt ceiling and enact serious spending reforms to fix our debt crisis.

The White House and Congress face a looming August 2 deadline to resolve their differences and raise the $14.3 trillion debt ceiling. The need to raise the debt ceiling provides leverage for meaningful, long-term, bipartisan action to rein in long-term deficit spending and entitlement reform. Financial markets would be reassured and we’d avoid a potential spike in interest rates, which will only stall our struggling economy.

Click here and contact your Senators and Representative in Congress TODAY and tell them that default is unacceptable.

Chart via the Congressional Budget Office.

The View from Main Street: A $2 Trillion Price Tag

Cross-posted from Chamberpost

Today’s hearing in the House Agriculture Committee will give Main Street businesses a chance to sound the alarm about the reckless pace and outrageous cost of derivatives regulation. 

Let’s hope the regulators get the message. 

Passage of the Dodd Frank Act kicked off an intense year of regulatory activity across the board, but the most concentrated, transformative effort has taken place in the over-the counter (OTC) derivatives market.

Unrealistic Congressional deadlines have forced regulators into a full sprint, cranking out rules without regard for full consideration or logical sequencing.  This leaves companies in the impossible position of, for instance, commenting on proposals that may not even apply to them because definitions and compliance standards are moving through the process out of order. 

The need for speed has also pushed the regulators to fudge their cost-benefit analyses.  For example, in April, the CFTC Inspector General issued a report pointing out that the CFTC generally employs a “one-size-fits-all” approach to cost-benefit analysis, and that the judgments of the Commission’s economists are often overruled.  By whom?  The lawyers, of course. 

Cutting corners in derivatives rulemaking can have huge consequences, not just for sophisticated players in the financial markets, but also for Main Street companies that use derivatives to hedge business risk. Derivatives provide a way for these companies to lock in commodity prices, interest rates, or foreign currency exchange rates to keep their prices stable.  The Chamber, through the Coalition for Derivatives End-Users, is working to preserve these critical risk management tools for manufacturers, agricultural producers, energy utilities, and others.

Despite the clear intent of Congress to shield these companies from the costliest derivatives rules, including margin (collateral) requirements, regulators have refused to concede the point, or even to come to an administration consensus about how they should be treated.  

For these end user companies, regulation doesn’t just mean paperwork and compliance costs; it means cash out the door that could otherwise be put to work expanding the business and creating jobs. A survey and analysis conducted by the Coalition found that a requirement to impose initial margin on OTC derivatives could lead to a loss of 100,000 to 120,000 jobs within S&P 500 companies alone.

Perhaps even more shocking was the administration’s own estimate of the economic impact of the margin rules.  The Office of the Comptroller of the Currency released an analysis as part of the proposal that concluded banks and other businesses would have to set aside $2.05 trillion in working capital to comply with the new standards. 

If that’s not a jobs killer, I don’t know what is.

Where are the Jobs?

Crossposted from Chamberpost

After a less-than-impressive jobs report on Friday, the Chamber's Chief Economist, Dr. Martin Regalia, offered a pretty succinct overview of what's stalling hiring on ABC News' This Week.

While some on the economic roundtable say the threat of war and a military buildup will jumpstart the economy (huh!?), and others say businesses are only facing new regulations from the financial sector (tell that to a small business owner who's reviewing the health care law.  Or the clean energy companies looking to act on the 400+ projects that are being held up), Marty pointed out that there's "A lot of noise in the system is detracting from momentum."   It's time for Washington to strip away these distractions by moving forward with a decision to raise the debt ceiling. 

Once businesses are no longer facing this kind of concern and uncertainty, they'll be able to move forward with what they do best: expand and create jobs.

Nothing Says Springtime like Small Business

Today, the Small Business Administration kicked off ‘National Small Business Week’ honoring the estimated 27.2 million small businesses in America and the tremendous impact that they have on our economy.  Responsible for between 60 and80% of all new jobs created in this country, small businesses deserve celebrating. In addition to SBA’s National Small Business Week – next week is our own small business event – America’s Small Business Summit.

This year’s 8th annual Small Business Summit unites small business owners, managers, and entrepreneurs from across the country to learn, network, and discuss common legislative and management concerns. In addition to sessions and panels aimed at business practices, small businesses will attend the Rally on the Hill --helping influence our nation’s economic and political agenda by advocating for pro-business policies when they meet with the members of Congress.

In honor of National Small Business Week and our premier Small Business event next week, I will be dedicating most my online posts to issues that directly impact small businesses. I will also be releasing details of some of the great events and sessions planned for next week. 

We will try and bring you all that we can from the Summit through our digital platforms-- make sure to follow #ASBS2011 on Twitter to keep up with live updates on the event. However, it goes without saying that nothing is better for small businesses than attending to the actual event.  It’s not too late to register! For more information on sessions, speakers, and festivities visit www.USChamberSummit.com.