The US Chamber of Commerce will today call for an end to quarterly earnings guidance, propose that auditing firms be allowed to seek private shareholders and urge legislation allowing the Securities and Exchange Commission to ease the burden of Sarbanes-Oxley on foreign groups.
The recommendations come in a report that is the third high-level effort to raise the alarm about the competitiveness of the US capital markets in the past four months, as the issue is garnering increasing attention on both sides of the Atlantic.
In January, Michael Bloomberg, New York's mayor, and Chuck Schumer, a Democratic senator, co-authored a report warning that New York risked losing its position as the world's financial capital to rivals such as London.
The chamber picks six areas where "quick and decisive" changes to the country's legal and regulatory framework could be made by year-end to halt a "steady decline" in the US share of global capital markets.
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