'Regulatory tsunami' a primary threat to jobs, Chamber says

Although the chamber and White House, which have had a contentious relationship over the last two years, have both recently tried to find more common ground, the grup is not flinching on its opposition to large amounts of regulations.

"We cannot allow this nation to move from a government of the people to a government of the regulators," said Donohue. "That's where it has been headed under the Republican Party and Democratic Party alike. We're going to be engaged in this fight for years to come."

Both the Dodd-Frank financial reform law and the healthcare reform law require regulators to draft hundreds of new rules. And Donohue did not see the regulatory workload decreasing any time soon, saying the administration is now likely to pursue even more regulatory solutions as it faces a divided Congress.

The head of the business group called for an overhaul of the regulatory process "to restore some badly needed balance and accountability to the system."

He suggested Congress be given the ability to vote on major regulations before they take effect, or require regulators to meet a higher burden of proof when defending their rules in court.

However, Donohue said regulators should not be denied needed funds for implementing regulations, a tactic proposed by some Republicans now in control of the House. The Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission both requested hundreds of millions of dollars in new budget authority as they work to implement the law. But a budget standoff in Congress has left funds frozen at pre-Dodd-Frank levels.

"Do I think that actually reducing the management budgets for the SEC is something we’re trying to do? We’d rather the SEC have the smartest, most capable people they can have," Donohue said.