WASHINGTON (March 8, 2012) – The following is a statement from Jack E. Herstein, president of the North American Securities Administrators Association and Assistant Director of the Nebraska Banking & Finance Department, Bureau of Securities, following today’s vote by the House of Representatives to approve the Jumpstart Our Business Startups (JOBS) Act, H.R. 3606:

“While well intentioned, the JOBS Act approved today by the House sacrifices essential investor protections without offering any prospects for meaningful, sustainable job growth. NASAA urges the Senate to craft legislation that balances economic growth with the protections that promote the necessary confidence investors must have in financial markets to sustain an economic climate that encourages job creation.

“State securities regulators are acutely aware of today’s difficult economic environment, and its effects on job growth. Small businesses are important to job growth and to improving the economy. However, by placing unnecessary limits on the ability of state securities regulators to protect retail investors from the risks associated with smaller, speculative investments, Congress risks enacting policies that, although intended to strengthen the economy, will likely have precisely the opposite effect.”

NASAA is the oldest international organization devoted to investor protection. Its membership consists of the securities administrators in the 50 states, the District of Columbia, Puerto Rico, the U.S. Virgin Islands, Canada and Mexico.

— NASAA —

For more information:
Bob Webster, Director of Communications
202-737-0900