As the U.S. House of Representatives prepares to vote this week on the JOBS Act, consumer and investor groups from around the country wrote to urge the House not to adopt this anti-investor bill. The legislation would roll back important investor protections, undermine market transparency, and, as a result, drive up the cost of capital for the small companies it purports to benefit. The groups warned that it is more likely to harm the economy than to produce sustainable jobs growth.
Last week, Senate Majority Harry Reid announced that the Senate would be developing its own jobs bill based on reducing barriers to capital formation. CFA and AFR wrote to the Senate detailing their concerns about the various “capital formation” bills. They warned that the bills, as drafted, threaten to undermine regulations vital to protecting investors and the integrity of the capital markets, and they urged the Senate to revise the bill to restore important protections.
AFR in conjunction with several public interest groups, submitted a comment letter to the CFPB in response to their request for ideas on streamlining regulation.
Click here to view this week’s highlights and lowlights in Wall Street Reform – February 25, 2012 – March 2, 2012.
Below is a sampling of recent articles that highlight the JOBS Act many flaws and explain why so many different groups and individuals have come out in opposition.
The following letters have been submitted by organizations in opposition to the bipartisan JOBS Act.
