Obama Undermines Investor Protection

From Shahien Nasiripour at The Huffington Post:

White House Chief of Staff Rahm Emanuel has been telling Democratic members of the House Financial Services Committee that he supports amending the Investor Protection Act of 2009 -- a bill designed to beef up protection for investors -- in order to exempt small businesses from a requirement in the Sarbanes-Oxley Act that mandates audits of internal controls. The Sarbanes-Oxley Act was enacted in 2002 in the wake of accounting scandals at Enron and Worldcom that rocked investors and damaged confidence in the markets.

"This has enormous significance to individual investors," former Securities and Exchange Commission Chairman Arthur Levitt told the Huffington Post. "This is something the Republicans could never have accomplished, and what a bitter irony it is that the Democrats...are emasculating the best piece of legislation of the past 20 years."

You can find the balance of the story at the link above.

Obama continues to fail us.

2 November 2009