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"In 2004, the Bush Administration preempted numerous state consumer financial protection laws in order to facilitate greater "financial innovation,' especially in mortgage lending. Most of us remember how (badly) that experiment ended, but it seems that Congress has already forgotten."
He added that the JOBS Act creates "new jobs for promoters of Internet investment scams."
Other critics were also vocal. Americans for Financial Reform (AFR) executive director Lisa Donner said:
"We are deeply disappointed by the Senate passage of the so called 'JOBS Act.' With the country still suffering from high unemployment and hard times in the wake of the financial crisis, it is almost unbelievable that the (House and) Senate would rush passage of measures that will undermine transparency and accountability in the capital markets, and expose our families to a new round of fraud and abuse."
Prior to the bill's passage, AFR and the Consumer Federation of America (CFA) wrote congressional members:
We "urge you to vote NO on final passage of the JOBS Act. This bill will harm investors, harm the capital markets, and harm the overall health of the economy." Enacting it assures "damaging new investment frauds."
"Unions oppose the bill because it endangers workers' retirement savings and will not increase jobs. And IPO experts oppose the bill because it will not even deliver its promised increase in small company IPOs....We urge you to vote no."
Their view and similar ones got nowhere, especially with Obama on board all along. The bill's now law. Friday night, champagne flowed freely on Wall Street.
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