Statement by AFL-CIO President Richard Trumka on So-called ‘JOBS Act’

Washington, DC–(ENEWSPF)–March 22, 2012. 

With millions of Americans out of work, the Senate voted 73-26 to pass the so-called “JOBS Act” today. The bill, however, 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.

One amendment, sponsored by Senators Merkley and Bennet, did pass and was included in the bill. While the amendment will add some investor protections, it is not sufficient to counterbalance the vast harm that the JOBS Act will do to our economy. We are also grateful for the efforts of Senators Levin, Landrieu and Reed, and their co-sponsors, to amend the bill to lessen the harm the JOBS Act will do to investors, pension funds, and the U.S. economy.

We are disappointed – and angry – that despite warnings from current and former financial markets regulators, law professors, institutional investors and consumer advocates, 73 senators voted for the cynically named “JOBS Act.” This is a vote against investors in the real economy and for Wall Street speculators. When the next bubble bursts, Americans will know who to blame.