This Week in Wall Street Reform
Click here to view this week’s highlights and lowlights in Wall Street Reform – March 10, 2012 – March 16, 2012.
Click here to view this week’s highlights and lowlights in Wall Street Reform – March 10, 2012 – March 16, 2012.
“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.”
“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.’”
AFR and CFA sent a letter to the Senate, urging their support of the Reed-Landrieu-Levin amendment which addresses many of the concerns that we have with the House JOBS Act, which the Senate has taken up.
INVEST in America Act (S.A. 1833) vs. JOBS Act (H.R. 3606) Reed-Landrieu-Levin Amendment Mar. 15, 2012 Seven Essential Fixes to the House Bill The House bill would allow companies to advertise risky, less-regulated, unregistered private offerings to the general public using billboards along the highway,
NEW YORK TIMES March 15, 2012 Paving Path to Fraud on Wall St. By FLOYD NORRIS Nearly 20 years ago, Bankers Trust was riding high. The bank, based in New York, had become known as an expert in then-newfangled derivative securities, and the profits were
Fund Democracy sent a letter to Senate Majority Leader Reid, and Minority Leader McConnell supporting the CROWDFUND Act.
The AFL-CIO released an executive statement slamming the JOBS Act as a Wall Street scam.
Mary Schapiro, Chairman of the Securities Exchange Commission (SEC) sent a letter to Senators Johnson and Shelby voicing her concerns over the JOBS Act.