Sec Tres Henry Paulson

I would like some imput regarding this article from the U.S. Chamber on the Paulson Plan to overhaul the financial Markets.

http://www.uschambermagaz...

The Paulson Blueprint

By Thomas J. Donohue, President and CEO, U.S. Chamber of Commerce
April 8, 2008

Treasury Secretary Henry Paulson recently announced a sweeping plan to overhaul the rules and structures governing our financial markets. Many of the Secretary's recommendations were based on ideas the U.S. Chamber and others have suggested.

Secretary Paulson deserves great credit for moving the debate forward by proposing a thoughtful and comprehensive plan to modernize and streamline the financial regulatory structure. Current U.S. financial services regulation is a patchwork of federal and state regulatory authorities with overlapping jurisdiction, inconsistent rules, and a hodgepodge of regulatory philosophies. As new financial services, products, and instruments have emerged, government has failed to adapt to changing times and is stuck in a system designed for the economy of the 1930s.

Some suggest we should respond to current difficulties by simply adding another layer of regulation on top of this creaky old system. While the regulatory weaknesses exposed by the current crisis must be addressed, our response should be smarter and more comprehensive. We must establish a modern 21st century regulatory framework to ensure our nation has the most efficient, innovative, fair, and well-regulated capital markets in the world.

In the coming days, much of the focus will be on the immediate housing and credit crises that have grabbed the headlines and roiled markets worldwide. There is bipartisan momentum for mortgage relief on Capitol Hill, and the Chamber will support a targeted program to allow responsible homeowners to stay in their homes under renegotiated terms. We have also voiced support for the Federal Reserve's action on Bear Stearns, which helped prevent a broad systemic collapse of the financial system.

You will also hear many pundits declare that Secretary Paulson's broader reform plan will never pass. Reform advocates should not be discouraged. This will be a marathon, not a sprint. In fact, the Secretary clearly divided his plan into short, medium and long term objectives. At all stages, there will be a vigorous debate over the details--and the Chamber will work closely with our members to drive the debate and shape the final outcome.

As this debate advances, all Americans must understand that no regulatory system can prevent every market loss or economic downturn. This should not even be our goal. Our free enterprise system thrives on taking risks. It is built on the potential for reward and the possibility of failure.

Our overriding goal must be to create a nimble regulatory system that leaves businesses and investors with the flexibility they need to innovate and compete in a global economy. If we lose the flexibility that has been a hallmark of America's success, our children and grandchildren will pay a terrible price in lost opportunity and prosperity.