News Release

Senate Rolls Back Investor Protections

Statement of Edmund Mierzwinski, U.S. PIRG Consumer Program Director on Senate Passage of the JOBS Act
For Immediate Release

“It’s extremely disappointing that first the House and now the Senate have overwhelmingly passed dangerous legislation rolling back hard-won investor protections despite warnings from the SEC Chair, investor groups and even the Senate’s own securities law experts, led by Sens. Jack Reed (RI) and Carl Levin (MI). HR 3606, the JOBS (Jump-Start Our Business Startups) Act leaves senior citizens and other small investors at the mercy of the next Enron collapse, the next Gordon Gecko and the next-generation boiler room operators using social media to pitch toxic investments.

It is shocking that just ten years after the Enron debacle and three years after devastating market failures that Congress would so willingly invite a new round of investor deception.

We commend Senators Reed, Levin and others who tried valiantly to make the bill better, including Mary Landrieu (LA) and Jeff Merkley (OR).”

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Additional information:

Senate Vote on Passage of HR 3606, JOBS Act, 73-26 (Pro-consumer vote = NAY).

House Vote on Passage of HR 3606, JOBS Act, 390-23, (Pro-consumer vote = NOE)

Previous blog with links to materials in opposition.

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