How We Measure Success: An Open Letter to a U.S. Business Community
The U.S. Commerce Chamber gauges its performance by the services it provides to its members like you. We have supported you in achieving your goals for 110 years because we trust in the ability of the American corporate sector to enhance lives, find solutions to issues, and develop society.
When a result, as Congress breaks for the month of August, we desired to take a time to consider the state of affairs in Washington and highlight how we intend to adapt, innovate, & develop alongside the companies we represent.
The Chamber is the only one that opposes the most recent reconciliation proposal. We have been advocating against increased taxes and government pricing restrictions in the law that would discourage investment, stifle innovation, and harm economic growth for months now, in additional to months of it behind activism and campaigns in crucial districts.
While we didn't get all we wanted, it's essential to highlight that the law is much less in scope than what was first proposed last year—and that the tax increases on companies are drastically scaled back.
The Chamber collaborated to members of the House as well as Senate to defeat harmful tax increases totaling more than $2 trillion that were eventually deleted from the current bill. These provisions included those that would have increased the corporate and individual tax rates, taxed cap gains at personal income percentages, instituted a minimum guaranteed tax, and raised taxes on pass-through businesses. In the initial reconciliation attempt, our work also contributed to the removal of several rules and new government expenditure initiatives that would have changed our economy from of the free-market system it is today to one based on the idea that the government knows best.
Naturally, this happened after the Chamber spent the entirety of 2021 attempting to use crucial connections between Republicans and Democrats to differentiate the massive tax-and-spend rapprochement effort from the urgently needed infrastructure program to ensure that historic cross party legislation passed without a tax increase.
The American financial industry is defended by us at every step, in every institution, and with every instrument at our disposal, and although we cooperate when possible, we aren't hesitant to strike back when necessary. The Chamber's lawsuits against the FTC and SEC as proof of this point seek to restrain misbehaving regulators and protect against over overreach at those organizations. Additionally, we just launched a campaign to counter the CFPB's ideologically motivated plan to fundamentally alter the financial services sector in America.
Those are just a few examples of a ways we may help you.
We achieve results through our Litigation Center's success in the courts, which includes obtaining seven favorable rulings in 11 court rulings even before U.S. Supreme Court it during most recent term, in out Institute for Legal Reform's defense of legal system in Washington, through state capitals across the nation, and globally, and the Chamber's expertise and leadership all over 300+ preferences, like with the companies we represent.
Due to those outcomes, we have a 93% member retention rate among our previously held and are consistently luring new members from a variety of businesses, with notable growth in the technology and other growing areas. A crucial fact is that the majority of our members—the fundamental fiber of our communities—are small enterprises or state and regional business chambers.
As we look to the future and build on our current achievements, our main priorities are accelerating growth and enhancing our impact. The Chamber's total income increased to $250 million in 2020, and it reached $260 million last year. The financial health of our organization is at its highest point in more than ten years, and we are buying assets for such future that will benefit you, our members, and give our activism and influence new force and vigor.
All of this is not new. For the sake of our members—as well as our country—we are dedicated to development, innovation, and growth. Together, we will always be aware as to who we and what we fight for because of our Shared Purpose, which serves as the mission's North Star.
The reason why business is the most dependable institution in society and outperforms government on every metric is straightforward: business gets things done. Likewise, the U.S. American Chamber of Commerce, the largest business group in the world.
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