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WASHINGTON (March 22, 2012) – The following is a statement from Jack E. Herstein, president of the North American Securities Administrators Association (NASAA) and Assistant Director of the Nebraska Department of Banking & Finance, Bureau of Securities, following today’s vote by the Senate to approve the “Jumpstart Our Business Startups (JOBS) Act (H.R. 3606) as amended. 

“The JOBS Act passed today by the Senate remains the fundamentally flawed product of a rush to legislate. It ignores the united and urgent pleas of leading national consumer and investor advocates not to roll back critical investor protections. 

“This legislation will needlessly expose Main Street investors to greater risk of fraud by creating new jobs for promoters of Internet boiler room investment scams. Unfortunately, many investors may be harmed before this mistake is corrected.”

For more information:
Bob Webster, Director of Communications