Political Quotes

“I wish to express deep concerns about the so-called JOBS Act sent to us by the House and to commend my senior Senator Jack Reed and Senators Levin and Landrieu for putting forth a balanced and thoughtful alternative. Everyone in this body agrees that Washington should be doing as much as it can to create jobs for middle-class Americans. But if the financial crisis of 2008 taught us anything, it is that smart regulation of our capital markets is a key element of sustained economic growth. Unfortunately, this legislation would eliminate key investor protections and allow for fraud and abuse to flourish in a shadowy world of unregistered securities. According to John Coates and Bob Pozen of the Harvard Law and Business Schools, respectively, the House bill ``could spur more shady deals than new jobs.'' John Coffee of Columbia Law School has called it the ``the boiler room legalization act''--a reference to brokerage operations that profit from unloading questionable securities on unsuspecting and inexperienced investors. Over the past few days, opposition to the House bill has extended far beyond economists, with investor and consumer protection groups, ranging from the Council of Institutional Investors and the North American Securities Administrators Association to the AARP and Consumer Federation of America, calling for substantial changes.…”