Wednesday, March 28, 2012
Yesterday the House approved the Senate version of H.R. 3606, the so-called JOBS Act, and so the bill goes to the President for signing. The Senate version made changes to the crowdfunding provision, but otherwise it remains the same terrible piece of legislation that amounts to a significant weakening of investor protections. My previous blog is here. (Download JOBS Act)
Senator Bachus allowed that the crowdfunding provision "gave us more concern than anything else" and that "we'll see how this goes." I predict the next time Congress looks at crowdfunding will be too late, after many small investors have been defrauded by slick promoters.