The Senate failed today to pass a set of amendments to the cynically named JOBS Act, which will do little to create jobs but will deregulate Wall Street and weaken the Wall Street reform measures enacted after the financial industry’s take-down of the economy.

The amendments would have reduced the JOBS Act’s damage to investors, pension funds and the U.S. economy by adding more federal oversight and investor protections to the bill. The amendments failed 55-44, with almost every Republican voting against it. Sixty votes were needed to pass them.

In a statement from its recent winter meetings, the AFL-CIO Executive Council called the bill a “cynical Wall Street scam” and said it was an example of “politics of the 1%, the old game of special favors for Wall Street.”

The future of the bill is uncertain at this point.