The U.S. Chamber of Commerce is a massive corporate lobbyist group and characterized by Elliot Spitzer as a Chamber of Horrors. I couldn't agree more. Bad policies, bad legislation putting the entire nation, economy at risk is the history of this lobbying group.
Spitzer outlines a game plan to rid ourselves of this vile organization. Spitzer suggests public pension funds put pressure on companies to stop their membership to the U.S. Chamber of Commerce, for once starving the lobbyist beast by cutting off membership fees. Spitzer argues that these publicly traded companies which public pension funds often invest in, are paying the U.S. Chamber of Commerce to block legislation which is against these very state pension funds interests.
The elected comptrollers and treasurers who agree—as a vast majority will—that the Chamber of Commerce has a distorted view of both economic and political policy should demand that each company in which they own stock drop its membership in the chamber. If the CEO doesn't agree, the public pension funds should pressure the board to drop the chamber membership. If one activist state comptroller begins to build this coalition, the other state pension funds will follow.
I honestly do not know if it would work but Spitzer does at least bring to light a method to Democratize at least slightly, corporate governance, by a large group, that being public pension funds.
Meanwhile, Baseline Scenario is also noting the folly of this organization. The policies the U.S. Chamber of Commerce lobbied for recently killed small business.
Somewhere, the Chamber’s senior leadership missed the plot. What brought on the greatest financial crisis since the 1930s? What has hurt, directly and indirectly, small business of all kinds to an unprecedented degree over the past 12 months? What is killing small and medium-sized banks at a rate not seen in nearly 80 years?
It’s the behavior of the financial sector, particularly big banks and their close allies – by consistently mistreating consumers. And the letter and spirit of the regulatory regime let them get away with it.