230712 FY24 Financial Services General Government Senate Approps
July 12, 2023
Dear Chair Murray and Vice Chair Collins:
As the Committee prepares to mark up the Fiscal Year 2024 Financial Services and General Government Appropriations bill, the U.S. Chamber of Commerce supports full funding for the Office of the Intellectual Property Enforcement Coordinator, the Small Business Administration (SBA) and its affiliated programs, and for the Office of State Trade and Export Promotion. Chamber members also support strengthening Federal information networks and the Technology Modernization Fund as cyber threats are on the rise and could negatively impact government information systems. Accordingly, we urge you to consider the following funding and policy recommendations.
The Chamber also supports preventing the SEC from finalizing its proposed rulemaking entitled “Open-End Fund Liquidity Risk Management Programs and Swing Pricing; Form N-PORT Reporting” from taking effect. The Chamber has previously encouraged the SEC to withdraw the proposal in its entirety to consider whether any changes are necessary or appropriate and in the public interest. Relatedly, the Chamber appreciates the inclusion of provisions to prevent the SEC from finalizing its rulemaking entitled “Safeguarding Advisory Client Assets,” which the Chamber has also encouraged the SEC to withdraw while it develops a more practical update of custody rules.
Further, the Chamber appreciates and supports the provision to prevent forcing privately held companies into the public markets through changes to the 12(g) “held of record” definition of the Securities Exchange Act of 1934. While public companies are a key component of the success of the American economy, companies should only go public at their own discretion, not through government edict.
We thank the Committee for providing the federal agencies with the resources needed to assist consumers, ensure the integrity of our markets, and support small businesses. The Chamber appreciates your consideration of these recommendations as you prepare to mark up the Fiscal Year 2024 Financial Services and General Government Appropriations bill.
Neil L. Bradley
Executive Vice President, Chief Policy Officer,
and Head of Strategic Advocacy
U.S. Chamber of Commerce
cc: Members of the Senate Committee on Appropriations