The JOBS Act rulemaking on the SEC’s schedule Aug. 22 raises a variety of complex issues that demand a full and transparent rulemaking process. The rushed approach to rulemaking reportedly contemplated by the agency would not allow for full consideration of these issues, and would therefore put investors at risk.
AFR issued a press statement urging the SEC to abandone its rushed JOBS Act Rulemaking, which could put investors at risk.
With the SEC poised to adopt its first major rule under the controversial JOBS Act next week, former regulators, securities law experts, and advocates for investors, workers, and older Americans have called on SEC Chairman Mary Schapiro not to move forward with rulemaking without first carefully examining the potential harm to investors, developing a regulatory approach designed to minimize those harms, and putting its regulatory proposal out for public comment. At its August 22 meeting, the SEC is reportedly considering lifting the ban on general solicitation and marketing in private offerings through an interim or temporary rule, a move that advocates say would be a clear violation of the letter and the spirit of the Administrative Procedures Act.
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AFR and CFA sent a join letter to the House urging members to vote NO on the final passage of the JOBS Act.
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“We are deeply disappointed by the Senate passage of the so called “JOBS Act.” With the country still suffering from hard times and high unemployment in the wake of the financial crisis, it is almost unbelievable that the Senate would rush passage of measures that will undermine transparency and accountability in the capital markets, and expose our families to a new round of fraud and abuse. But that is what they have done.”
U.S. PIRG sent a letter to the Senate this morning, echoing AFR’s letter supporting both the Reed and the Merkley-Bennet-Brown Amendments and urging members to vote NO on the JOBS Act.
The AFL-CIO sent a letter to the Senate this morning urging members to vote YES on the Reed Amendment to the JOBS Act.
AFR and CFA sent a letter to the Senate urging members to support both the Reed Amendment and the Merkley-Bennet-Brown Amendments, and to vote NO on the underlying bill.