The Hill News

In response to Michael Zuppone’s post, “Senate should stand firm on JOBS Act,” on the Congress Blog, the North American Securities Administrators Association (NASAA) request the opportunity to offer its perspective on the JOBS Act. 

Election-year politics have blinded Congress and the White House to the unintended consequences of the JOBS Act, which while well intentioned, could do little more than open the floodgates to investment fraud.

The Jumpstart Our Business Startups (JOBS) Act (H.R. 3606), which passed the House last week and is heading to the Senate next week, is an example of good intentions gone bad.

The most jobs this cleverly named bill may create are jobs for fraudsters, like the Nigerian scammers, penny-stock pitchers and Ponzi schemers already lurking behind the Internet to cloak their schemes.

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