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Reed: IPO Deal Bad for Consumers, Could Harm Long-Term Economic Growth
US Senator Jack Reed speaks on the Senate floor in strong opposition to a capital formation bill to weaken investor protections, loosen standards for taking a company public, and lower safeguards for protecting the public from investment fraud. The bill (HR 3606) will allow large companies with up to $1 billion in revenues per year to avoid financial transparency and auditing requirements. Earlier this week, in an effort to balance market transparency and investor protection with improving small business's access to capital, Reed, along with Senators Mary Landrieu (D-LA) and Carl Levin (D-MI), offered a substitute amendment known as the INVEST in America Act to HR 3606, which would have provided new opportunities for small businesses and entrepreneurs to grow their businesses while still protecting investors. Reed's amendment to strengthen the bill won 54 votes, however, 60 votes were needed to overcome a Republican filibuster and the amendment was blocked. From: SenatorReed Views: 25 0 ratings Time: 05:18 More in News & Politics
