Our concern is that ... it will create a one-size-fits-all federal system that will marginalize both directors and shareholders.
Main Street non-financial businesses would be hit with taxation, regulation, and possible nationalization by the Federal Reserve.
The Dodd bill would push the government into the business of dictating the terms at which consumers and businesses can contract. This has nothing to do with protecting consumers and everything to do with replacing consumer preferences with bureaucrats’ choices.
This one-size-fits-all approach would distract directors from managing a company, lessen shareholders voice in proposals and director elections, and continue to disenfranchise retail shareholders.
Congress, the administration and the states must recognize that our weak economy simply cannot sustain all the new taxes, regulations and mandates now under consideration. It is a surefire recipe for a double-dip recession or worse.