Ignoring warnings from current and former financial market regulators, law professors, institutional investors and consumer advocates, the Senate today passed (73-26) the cynically named JOBS Act and, says AFL-CIO President Richard Trumka, “We are disappointed and angry.”
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 to protect the retirement savings of America’s workers from fraud and other risks.
Earlier this week, a package of amendments that 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 failed to get the 60 votes need for passing. Today one amendment to the bill that added some investor protections was approved, but, says Trumka:
It is not sufficient to counterbalance the vast harm that the JOBS Act will do to our economy.
Click here for his full statement.