Con Job

Sen. Bernie Sanders voted on Thursday against legislation to loosen regulations that protect investors. "The so-called 'JOBS Act' is an extremely anti-consumer, anti-investor, and anti-jobs bill," Sanders said after the Senate voted 73-26 to pass the bill.  "At best, this bill could make it easier for con artists to defraud seniors out of their entire life savings by convincing them to invest in worthless companies.  At worst, this bill has the potential to create the next Enron or Arthur Andersen scandal or an even worse financial crisis," he said. 

"Have we learned nothing?" Sanders asked. " Deregulating Wall Street led to the worst financial crisis since the 1930s.  Now the same people who caused this horrible recession are telling us that more Wall Street deregulation will create jobs.  Give me a break.  I strongly support providing small businesses with the tools they need to create jobs.  Sadly, that's not at all what this bill will do."

As currently drafted, the bill is opposed by the Securities and Exchange Commission chairman (as well as past SEC chairmen appointed by both political parties); AARP; the AFL-CIO; the Consumer Federation of America; Consumers Union; and the Council of Institutional Investors among many others. 

Deregulation of Wall Street not the answer