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Erin Burnett: The showdown is on at the Chamber of Commerce. Big names from government to Wall Street. Elizabeth Warren and Jamie Dimon squaring off in one room for the Annual Capital Markets Summit. Topping the agenda, Dodd-Frank. These are the rule that will run the financial industry. Financial Services Forum President Rob Nichols is live in Washington for us. Rob, good to see you.

Rob Nichols: Nice to see you.

Erin Burnett: It’s an annual event, but it’s safe to say that not every year it is this closely watched. What is on the top of the agenda?

Rob Nichols: Well, the whole conference, of course, the Chamber has put on, they have done a fantastic job.  They have a great agenda.  Spencer Bachus, Jamie Dimon is talking about what to do to keep the U.S. markets competitive.  That's what I'm going to talk about today.  I'm very pleased they invited me and this afternoon.  I'm on a panel with a couple of others and I'm going to flag a couple of issues that we think are important. Obviously there is a lot of attention on Dodd-Frank.  That's important. Implementation is critical.  As a matter of principle, we support the modernization.  This sort of reform helps protect consumers, depositors, shareholders and investors.  At the same time though, we need to keep our U.S. capital markets competitive.  We need to be internationally [competitive].  [The markets] need to have the ability for them to be innovative and provide the capital and the credit to foster capital formation, job growth, and economic growth at this time of fragility.  That's what we're going to be talking about today and the Chamber has done a great job of assembling an all-star cast.

Erin Burnett: So of the rules that are either going to be going into place or where you're working through the exact details, what is the one you hate the most, the one that needs to be taken away completely or modified the most?

Rob Nichols: I'm not going to use “hate” word, but I will say this, it’s important that we get the implementation done right rather than sprint to hit an arbitrary date.  A lot of regulators said they need more time.  There is such a huge volume of regulations.  Just, for example, the CFTC in the last six months has dealt with more rule-makings than they have in the previous 10 years.  They have openly; commissioners said we need time to grapple with this.  One of the messages we have today is that we agree with that.  Rather than sprint and get something wrong, let's take our time and do it right.  Another example is the Fed, the OCC, the FDIC, the National Association of Credit Unions, The National Education Association and the NAACP said we need to give this interchange element of Dodd-Frank more time and study it.  We think there are negative unintended consequences there.

Erin Burnett: Rob, thank you. We appreciate your time.