The Republican Capital Markets Task Force

On August 1, 2007, U.S. Senate Republican Leader Mitch McConnell announced the creation of the Senate Republican Capital Markets Task Force and appointed me to serve as Chairman. The Task Force advises the Republican Caucus on U.S. business competitiveness issues with a specific focus on capital markets.  It facilitates a dialogue between the Senate and the U.S. capital markets community. The Senate Republican Capital Markets Task Force evaluates U.S. laws and business practices, as well as threats to U.S. competitiveness, to determine how the U.S. can maintain its competitive advantage globally. It facilitates an exchange of views as to how U.S. laws and policies can be adapted to ensure U.S. businesses can continue to compete in the global market. The Task Force is open to all members of the Republican Conference. 

In November 2007, the Republican Capital Markets Task Force, in a letter sent to the Senate Republican Leader, reported that the Senate should not increase tax rates on carried interest and publicly traded partnerships in order to offset tax legislation.  The letter was signed by 20 members of the Task Force. 

In February 2008, the Senate Republican Capital Markets Task Force sent a letter seeking input on what five recommendations Congress should promote to reclaim the preeminent position of the United States in the global financial services marketplace.

During the past year, six reports have underscored the need to modernize our federal financial regulatory structure.  Five of the reports have identified several regulatory and legal problems that hinder the competitiveness of the U.S. capital markets and have outlined possible solutions.  These reports add considerably to the understanding of the challenges American capital markets face and offer solutions that could help American markets, companies, and workers to better compete.  The reports are as follows:

• U.S. Chamber of Commerce Commission on the Regulation of U.S. Capital Markets in the 21st Century:  Full Report or Executive Summary
• Sustaining New York's and the U.S.' Global Financial Services Leadership
• The Committee on Capital Markets Regulation
• The Blueprint for U.S. Financial Competitiveness
• The Government Accountability Report on Financial Regulation: Industry Trends Continue to Challenge the Federal Regulatory Structure
• 2007 Financial Services Forum Global Capital Markets Survey
• Department of the Treasury Blueprint for a Modernized Financial Regulatory Structure

To see an overview of the Treasury Department's proposal, click here.

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