Tag Archives: Congress

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SEC Commission Aguilar: Investor Protection is Needed for True Capital Formation

“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.”

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AFR in the News: Crowdfunding Proposal Hits Snag

“But consumer advocates, watchdog groups and some economists are raising alarms. Taken together, the JOBS Act’s various provisions represent a dramatic rollback of financial regulations that date back to the Great Depression, they argue. It would reverse protections enacted with the Dodd-Frank financial reforms, some warn. ‘We’re all for channeling capital to small businesses,’ said Marcus Stanley, policy director of Americans for Financial Reform. ‘At the same time, we have banks for a reason, as opposed to people standing on the street corner taking shares in companies. So you’ve got to strike a balance.’”

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AFR in the News: Financial regulations gutted in new bill

“It’s hard to believe that Democrats, who brought you the Dodd-Frank financial regulation act and the Consumer Financial Protection Bureau, are solidly backing a bill that would weaken or obliterate many regulations designed to safeguard investors. The bill, HR3606, sailed through the House Thursday with 222 Republicans and 168 Democrats voting for it. Only 23 members, all Democrats, voted against it. President Obama has endorsed the bill. The Senate is fast-tracking its own version, which could come to the floor Monday night. …AARP, Americans for Financial Reform, the North American Securities Administrators Association and the Council of Institutional Investors have strongly opposed all or some parts of the bill.”

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AFR in the News: They Have Very Short Memories

“House Republicans, Senate Democrats and President Obama have found something they can all support: a terrible package of bills that would undo essential investor protections, reduce market transparency and distort the efficient allocation of capital. …Dozens of legal experts and advocates for investors and consumers have written to Senate leaders warning that extensive revisions must be made to the House legislation for it to be even minimally acceptable.”

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AFR and CFA Letter: AFR and CFA Weigh in on JOBS Act Amendments

As the House takes up consideration of the JOBS Act, AFR and Consumer Federation of America wrote to members of the House in support of a handful of amendments that would make modest, incremental improvements in the legislation’s investor protections. The amendments cannot overcome the bill’s fundamental flaws, however. So, even if the amendments are adopted, CFA and AFR urged opposition to the overall bill.