Welcome to DU!
The truly grassroots left-of-center political community where regular people, not algorithms, drive the discussions and set the standards.
Join the community:
Create a free account
Support DU (and get rid of ads!):
Become a Star Member
Latest Breaking News
Editorials & Other Articles
General Discussion
The DU Lounge
All Forums
Issue Forums
Culture Forums
Alliance Forums
Region Forums
Support Forums
Help & Search
Even small business advocates and many venture capitalists were alarmed when Majority Leader Cantor and the House GOP began pushing a version of the JOBS Act that would have permitted unlimited investment in companies without any federal oversight, provided the transactions were conducted online.
"We think that the House version has gone overboard," said Frank Knapp, president and CEO of the South Carolina Small Business Chamber of Commerce, speaking the day after the House bill passed. "The same greed and fraud that gave us the Great Recession is going to come to Main Street if the House version of crowdfunding goes through."
Privately, Obama administration officials say that the unlimited investment provision would have broken their support for the bill. But publicly, the White House communicated a strong message of support, prompting a quick vote in the House. The Obama administration's statement blindsided unions and business groups who were critical of its provisions and created uproar in the Senate.
An aide to Senate Majority Leader Harry Reid (D-Nev.), who requested anonymity because of the sensitive nature of the negotiations, told HuffPost his boss called the White House to complain, saying the aggressive White House support had hampered Reid's ability to improve the bill, putting him in a bind with Democrats who didn't like the legislation and forcing him to choose between his loyalty to Obama and the commitments he had already made to interest groups. The administration's statement almost blew up the bill.
Trumka personally called senators to blast the bill, bypassing the standard lobbying channels to emphasize the intensity of his objections. "We'd believed it would slow down in the Senate," senior AFL-CIO lobbyist Bill Samuel told HuffPost. "That plan changed almost overnight because the White House endorsed it and the House held this big vote."
"We think that the House version has gone overboard," said Frank Knapp, president and CEO of the South Carolina Small Business Chamber of Commerce, speaking the day after the House bill passed. "The same greed and fraud that gave us the Great Recession is going to come to Main Street if the House version of crowdfunding goes through."
Privately, Obama administration officials say that the unlimited investment provision would have broken their support for the bill. But publicly, the White House communicated a strong message of support, prompting a quick vote in the House. The Obama administration's statement blindsided unions and business groups who were critical of its provisions and created uproar in the Senate.
An aide to Senate Majority Leader Harry Reid (D-Nev.), who requested anonymity because of the sensitive nature of the negotiations, told HuffPost his boss called the White House to complain, saying the aggressive White House support had hampered Reid's ability to improve the bill, putting him in a bind with Democrats who didn't like the legislation and forcing him to choose between his loyalty to Obama and the commitments he had already made to interest groups. The administration's statement almost blew up the bill.
Trumka personally called senators to blast the bill, bypassing the standard lobbying channels to emphasize the intensity of his objections. "We'd believed it would slow down in the Senate," senior AFL-CIO lobbyist Bill Samuel told HuffPost. "That plan changed almost overnight because the White House endorsed it and the House held this big vote."
Link: http://www.huffingtonpost.com/2012/04/05/obama-jobs-act-labor_n_1404401.html?ref=politics
Edit history
Please sign in to view edit histories.
Recommendations
0 members have recommended this reply (displayed in chronological order):
82 replies
= new reply since forum marked as read
= new reply since forum marked as read