U.S. PIRG sent a letter to the Senate supporting the pro-investor Reed-Landrieu-Levin Amendment, and opposing the underlying bill should the amendment fail.

JOBS Act merits greater scrutiny
March 18, 2012 6:01 am ET
AS MUCH AS IT WARMS the cockles of our hearts to see House Republicans, Senate Democrats and President Barack Obama united in their efforts to get …

Read the letter sent to Majority Leader Reid and Minority Leader McConnell by the California Public Employees’ Retirement System opposing the JOBS Act.

“The House voted 390 to 23 last week for a bill (PDF) to provide regulatory relief for small companies trying to raise capital. The bill is moving quickly through the Senate; no one likes unnecessary regulations that burden economic growth. But this bill does more than trim regulatory fat; parts of it cut into muscle. Small businesses will have a harder time raising capital if investors do not receive sufficient disclosures or other legal protections.”

“Last week, the House of Representatives passed H.R. 3606, the ‘Jumpstart Our Business Startups Act.’ It is clear to me that H.R. 3606 in its current form weakens or eliminates many regulations designed to safeguard investors. I must voice my concerns because as an SEC Commissioner, I cannot sit idly by when I see potential legislation that could harm investors. This bill seems to impose tremendous costs and potential harm on investors with little to no corresponding benefit.”