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So-Called "Jobs" Bill Actually Strips Away Protections


Location: Washington, DC

Congressman Jesse L. Jackson, Jr. (D-IL-2) today said, "I regret that I voted 'Yes' on the so-called JOBS bill (HR 3606) - the Jumpstart Our Business Startups bill - on March 8. I now have a fuller understanding of the bill and I'm opposed it. It was amended in the Senate so it must be voted on again in House.

"Republicans like to call it a "JOBS bill," but it's more like a "Let's Give Wall Street A Break So They Can Do It To Us Again" bill. The bill has to do with initial public offerings of stock made by companies to raise money from investors, but it allows firms to avoid disclosing crucial financial information and elude government oversight, thus opening the door to fraud and investor abuse AGAIN.

"Prominent union, consumer, investor and regulatory groups have raised objections to the JOBS bill. The bill would undo some of the most important reforms and investor protections placed on Wall Street in a generation. Richard Trumka, AFL-CIO president, said the bill 'will do nothing to create good jobs and stabilize the U.S. economy. Instead, it will deregulate Wall Street - voiding investor protections put in place after Enron and the 2008 financial crisis.' Even the Obama-appointed chairman of the Securities and Exchange Commission, Mary Schapiro, has raised serious concerns.

"We haven't even fully recovered from the Wall Street-induced financial crisis of 2008, and now we're being asked to support an Orwellian 'JOBS' bill - a bill that should in fact be called the "Return Fraud to Wall Street Act," Jackson concluded.

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