The head of the US Chamber of Commerce warned the federal government on Tuesday that his group would continue to fight against any excesses of Washington, as he also criticized the Biden administration’s approach to business.
“Despite the apparent innovation, resilience and dynamism of our economy, we have leaders who think the government needs to step up and do the heavy lifting,” said Susan Clarke, president and CEO of the lobbying group. “State of American Business” address,
“The Biden administration introduced a sweeping executive order on the false premise that our entire economy is overstretched and stagnant. Modern-day confidence-busters on Capitol Hill on both sides think that all big is bad and that there is necessarily a danger to the small – when in reality, our economy is an ecosystem where big business depends on small companies and its Adverse.
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Clarke promised opposition on several fronts from the chamber, which is the largest business-lobbying group in the country.
“If the bureaucrats and elected officials do not stop coming in the way, we will stop them. We will challenge and defend the rule of law at every turn, in every agency, with every tool at our disposal – in Washington, in state homes and in the courts,” she said.
Clark said the Federal Trade Commission has “taken such an aggressive stance against mergers and acquisitions that small and medium-sized businesses fear they will have worked years to build something and will lose their money if they choose to sell.” There is no exit strategy.”
“These are just a few examples of the threat of government overreach now facing businesses of all sizes and undermining our fragile economic recovery,” he said. “There are many others — from proposed partisan tax and spending spree to massive expansion of the federal government to aggressive oversight and redundancies from agencies like the FCC and CFPB to enforcement from the DOJ, EPA and IRS.”
She was referring to the Federal Communications Commission, the Consumer Financial Protection Bureau, the Justice Department, the Environmental Protection Agency and the Internal Revenue Service.
The Chamber’s CEO also said that the US is lagging behind in trade.
“While other economies race to sign new deals, the US has not entered into a deal” New business partner in a decade, and the current administration, consumed by caution and internal reviews, is doing little to change that,” she said. “Indeed, it has so far pursued relatively non-controversial initiatives, such as a trade agreement with the UK, our closest ally.”
At a news conference after the speech, a Chamber official answered Businesshala’s question about what the stock market might say about the Biden administration so far. s&p 500 spx,
24% up in the last 12 months.
“Elected officials of both parties, when the markets are up, tend to point to the market and see it as a validation of their policies, and when the markets are down to point it out and say that its policies Nothing to do with it. The truth is there are a lot of factors driving the market today, including the surprising strength with which the private sector is coming out of the pandemic,” said Neil Bradley, executive vice president and chief policy officer of the US Chamber of Commerce. .
“So I think it’s contributing to the stock market and S&P levels that we’re seeing, but it’s also true that policies are causing headwinds, and so it’s a balancing act. I think we should have some sort of balancing act.” It should not be too early to take a snapshot into market timings on opening or election day and by no means attribute it entirely to the incumbents.”
A year earlier, the chamber’s “State of American Business” speech emphasized the group’s opposition to some regulations or a possible increase in taxes, and it also called the infrastructure PAVE,
Spending and improving business relationships. That address came a week before President Joe Biden’s inauguration, and was delivered by the chamber’s former CEO, Thomas Donohue, a longtime Washington member who still serves on the group’s board of directors.
US stock benchmark DJIA,
Traded higher on Tuesday, as investors looked for clues to future hikes for interest rates, testified by Federal Reserve Chairman Jerome Powell.