The Virginian-Pilot
©
VIRGINIA BEACH
The head of the U.S. Chamber of Commerce lauded free enterprise and blasted overregulation and trade barriers Tuesday during a speech at the Founders Inn.
"There are more regulations in the pipeline in America today than there are regulations in America today," said Thomas Donohue, president and CEO of the U.S. Chamber of Commerce.
If the additional regulations are approved, "the government is going to be our big brother," he said. "I've got enough big brothers. I don't need them."
The chamber, which boasts 3 million members, is considered the most influential lobbying group for U.S. businesses. Donohue has led it since 1997. Under his tenure, according to its website, the chamber has lobbied for tax cuts, "more sensible workplace and environmental regulations" and "new free and fair-trade agreements."
Donohue championed that agenda during much of his 30-minute talk to about 400 people. His address was part of Regent University's Executive Leadership Series.
He spoke in support of recent trade agreements with Colombia, Panama and South Korea and advocated others with "Brazil, India, Egypt and, oh yes, China.
"I want the United States to remain open to the flow of foreign capital," Donohue said. "Foreign investment sustains millions and millions of jobs here at home."
He criticized President Barack Obama for opposing the Keystone XL oil pipeline and expansion of nuclear plants, which Donohue said would make the nation more energy self-sufficient.
"There is only one word to describe the failure to seize that opportunity," he said, "and that word is dumb."
Virginia Beach City Councilman Glenn Davis asked Donohue what he thought of public-private partnerships. Davis has voiced concern about a public-private proposal to build a $109 million hotel near the Virginia Beach Convention Center, at an initial cost of $67 million to the city.
Donohue said there have been "perfectly worthwhile" partnerships in areas such as medicine and transportation, as long as government does not hog-tie businesses with excessive regulations.
On the Social Security payroll tax cut, which has divided Washington, Donohue took a measured stance: "I'm sure it helps individuals. I'm not sure it creates jobs. We will not oppose it."
Donohue said he hoped it would be accompanied by approval of the Keystone pipeline, connecting Canada to Texas. But policymakers, he said, should look beyond the immediate benefits of the tax cut to the long-range implications of diverting money from the Social Security system.
"If we do it," he said, "we have to think carefully of how we get out of this issue."
Donohue reserved his strongest praise for the country's free-enterprise system. He mocked commencement speakers who urge graduates to bypass business careers for public service.
"There is no more honorable profession," he said, "than to participate in the entrepreneurial economy that made this country great."
Philip Walzer, (757) 222-3864, phil.walzer@pilotonline.com
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Right on Target
I had the privilege of hearing Mr. Donohue today and agree that government over-regulation is a big problem for US businesses. Also regulatory uncertainty. While some government is necessary and good, too much government is bad.
The speech was a positive message that the US can work our way through the current economic malaise and regain our status as leader of the free world. It is the American spirit and entrepreneurship that made us great, not trying to copy Europe's socialist ways.
In describing the US's resiliency, our banks have rebounded from the (gov't induced) housing market collapse and paid back almost all TARP money. Now they're helping European banks. In an interconnected global economy tariffs are bad for free trade.
Republican lies
Preventing greedy corporations from polluting our air and water or ripping off the public is not "socialism." The lack of regulation of the financial industry is what brought down the world economy in 2008. And Norway, Sweden, Germany, and Denmark are all doing quite well economically. Why? Because they invest in their people through education, healthcare, technology, and infrastructure. Do a little reading.
Those Big Corporations all
Those Big Corporations all y'all are complaining about lobby and own our government and have them make regulations to benefit Big __________and to minimize competition. Those same regulations usually apply to the little guy trying to start up and actually create jobs in the USofA. The Big Boys can afford the onerous regulations; the little guy, not so much.
I don't think any rational person would object to common sense regulations but that's not what we have now, and from all I've read, there's even more coming down the pipeline. So it's little wonder no one is creating jobs.
Chamber of Commerce thinks we are overregulated!!!
This message has been brought to you by the Koch brothers, BP, Bank of America Merrill Lynch, United Health Care Group, Pfizer, UBS, Exxon Mobile, the Blackstone Group and the People's Republic of China. Thank you for voting in our interests at the expense of your own.
cuz wee all know
That self regulation works REAL well...
Derpa derp
Bachmann / Cain 2012
The Chamber of Commerce
The Chamber of Commerce believes in that any regulation is bad.
HEY!!
Over here!!! Cut the payroll tax and get rid of all the waste in SS and Medicaid/Medicare!
Last time I was in an SS office, half the people in there could not speak English and Medicaid and Medicare will shell out thousands of dollars for one of those motorized chairs to every yahoo with a donut fetish.
It is about time for everyone to be politically incorrect and say CUT CUT CUT!!!
Smoking dope
Well, he is supported by the largest corporations in America, many of whom are international conglomerates who could care less about our health and prospertity; to them, it is all about the return. How a decent man could see what has happened to american workers, to american business, to american prosperity, and make such ridiculous assertions when greed and incompetence by some of our nations wealthiest corporations led us to the brink of depression is beyond me. I can only say that he thinks a good offense is better than playing defense which is what he should be doing. Less regulation when my personal wealth has been curtailed by the blood thirsty lust for fees on wall street has hurt all of us? This guy must be smoking dope.
Lack of regulation destroyed the world economy
Wall Street ran a $516 trillion dollar derivatives Ponzi scheme that destroyed the world economy. BP spilled 2 million barrels of oil in the Gulf of Mexico. There is a hole in the ozone larger than Antarctica that was created by industrial chemicals. There is a garbage patch in the Pacific Ocean twice the size of Texas. The oceans are so polluted with mercury, that it is unhealthy to eat fish more than once a week. Lack of regulation is the problem, not over regulation. Republicans want to turn America into Dickinsean England. No pollution laws, no child labor laws, no unions, just an impoverished populace working long hours for a wealthy few.
I'll remind you one more time
The 516 trillion dollars is the total value of every derivative in the world. I think you are trying to refer to credit default swaps which caused a lot of grief. If you are going to post this every other day, you should look up the real number.