Comment Of Senator Patrick Leahy In Opposition To The IPO Bill (The “JOBS Act”), Passed By The Senate

“The top priority of Congress should be creating new jobs to help Vermonters get back to work, not reopening loopholes in federal law that led to catastrophic scandals like Enron, WorldCom and Bernie Madoff. 

“These scams, along with the recent financial crisis and economic collapse, revealed several flaws in our federal regulatory system.  Agencies like the SEC and the Justice Department lacked the authority to provide the necessary oversight to stop these reckless actions and abuses.  Congress moved swiftly to bolster the ability to crack down on these bad actors, because cleaning up Wall Street abuses will help build confidence in our economy and continue our progress toward economic recovery.

“We learned a painful lesson during the last decade that hands-off, anything-goes deregulation can jeopardize not only private investments, but our entire economy.  We should not be taking unnecessary backward steps toward once again putting investors, companies, employees and our entire economy in peril.”

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