The U.S. Chamber of Commerce’s sweeping attacks against Wall Street reform are based on policies unsupported by evidence, harmful to small business and consumers, and largely beneficial to Wall Street, according to an analysis by Public Citizen’s U.S. Chamber Watch.
The analysis is contained in the first of three reports on the Chamber’s attempt to undermine policies that benefit Main Street. Titled “Undermining Dodd-Frank,” the report provides an overview of the Chamber’s assault on reforms initiated after the 2008 economic collapse, which was fueled by reckless Wall Street practices.
Public Citizen’s report documents some of the Chamber’s most outrageous positions and shows its tendency to protect the nation’s largest banks. For example, the Chamber criticizes modest safeguards on complicated derivative transactions where 90 percent of the market involves only five large banks. The Chamber also invokes Main Street when attacking consumer safeguards against credit card industry abuses, even though seven banks control 74 percent of this sector.