Final Approval by House Sends Jobs Bill to President for Signature

The 380-to-41 House vote added a final exclamation point for the JOBS Act, which passed the House overwhelmingly early this month and easily passed the Senate last Thursday. Because the Senate amended the House version to add some investor protections, the House had to take it back up for a vote before sending it to the White House.

“The bipartisan JOBS Act represents an increasingly rare legislative victory in Washington where both sides seized the opportunity to work together, improved the bill and passed it with strong bipartisan support,” said Representative Eric Cantor, Republican of Virginia, the House majority leader and the primary architect of the package.

The JOBS Act started as a cluster of minor bills that had bipartisan support and little opposition. Many of them originated at the White House out of the recommendations of Mr. Obama’s jobs council, a group of business and labor leaders whose final report made few waves.

But with the economy still looming large in the 2012 campaign, Republicans and Democrats — Mr. Obama among them — found it advantageous to pump up those modest measures into legislation promoted as a significant effort to hasten the recovery of the labor market.

“As the clock moves relentlessly toward November, people are going to have to show results,” said Senator Ron Wyden, Democrat of Oregon and a supporter of the measure.

The JOBS Act would designate a new category of “emerging growth” companies that could conduct initial public offerings of stock while being exempt from certain financial disclosure and governance requirements for up to five years. It would also provide a new form of financing to small companies. Through crowd-funding, or the sale of small amounts of stock to many individuals, companies could solicit equity investments through the Internet or elsewhere, raising up to $1 million annually without being required to register the shares for public trading with the Securities and Exchange Commission.

Supporters see it as a breakthrough for entrepreneurs who hope to build an enterprise around sometimes offbeat ideas without having to sell them to larger companies.

But a few detractors worry that the measure will bring back the “boiler rooms” of the 1990s Internet stock bubble, where hucksters peddle stock tips to unwitting amateur investors. Pension funds, the lobby for older Americans AARP and the chairwoman of the securities commission had opposed aspects of the bill.

Amy Borrus, a spokeswoman for the Council of Institutional Investors, an investor watchdog group, said small companies — the focus of the new bill’s relaxed regulations — are particularly prone to fraud and accounting scandals. Senators did add some investor protections, but not enough, she said.

“We may rue the day this bill passed,” Ms. Borrus said Tuesday.

Under the JOBS bill, companies with up to $1 billion in annual revenue would be free to ignore — for their first five years as a public company — regulations that were put in place after the end of the dot-com bubble and the collapse of Enron.

Among them are requirements to hire an independent outside auditor to attest to a company’s internal financial controls and restrictions on how financial analysts interact with investment bankers in promoting a company’s stock.

The bill also allows some companies to advertise for investors in almost any medium, a provision that skeptical regulators contend will mainly benefit the sale of worthless securities by brokerage firms.

Senate Democrats did add some investor protections that were ratified Tuesday by the House. Senators added a provision to ensure that any company using crowd-funding methods must still file some basic information with the securities commission, including the names of directors, officers and holders of more than 20 percent of the company’s shares, plus a description of the business and its financial condition.

Companies seeking to raise $100,000 or less must also provide tax returns and a financial statement certified by a company principal; those raising up to $500,000 must provide financial statements that are reviewed by an independent public accountant.

The Senate also inserted requirements that intermediaries seeking to help companies raise money through crowd-funding must register with the commission, make sure investors are advised of the risks they are taking, and take measures to prevent fraud.

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In Senate's Approval of Defense Bill, Indefinite Detention of Citizens Ignored (ContributorNetwork)

COMMENTARY | In an evening vote, the U.S. Senate approved the National Defense Authorization Act for Fiscal Year 2012 Thursday, according to USAToday.com, with high profile sections 1031 and 1032 intact. With all senators voting, the roll call was 93 favoring passage and 7 opposing. Senate.gov shows that three Democrats, three Republicans and one Independent opposed passage of the measure. It's apparent to me that the idea of the United States becoming a police state was not vile enough for those 93 senators.

Sections 1031 and 1032 empower the military to detain American citizens on United States soil indefinitely. Although the stated intention of these sections indicates the intent is to allow the arrest and detention of terrorists linked to al-Qaeda, the wording is broad enough to allow the same treatment for anyone deemed to be a threat to national security.

Such broad wording for something that goes against the very rights given to each American by the Constitution, including representation and a speedy trial of peers, could be used very subversively in the hands of the wrong people.

Yes, it's true the country needs the NDAA to be approved, but at least three senators (Udall, Rand and Feinstein) proposed amendments to NDAA, Senate Bill 1867 to remove the indefinite detention wording applying to citizens in this country. Three times the Senate voted to allow what amounts to the military taking over the job of both civil law enforcement and the civil judiciary.

Sections 1031 and 1032 were opposed by CIA Director David Petraeus and Defense Secretary Leon Panetta; the military is not interested in taking on these additional responsibilities. All those who voted for passage of S.B.1867 must know something these two men and concerned citizens do not know.

The House of Representatives passed their own version of the NDAA before sending it to the Senate for a vote. The House bill did not contain sections 1031 or 1032; they were added by Senator Levin of Michigan as the sponsor. Now the two legislative bodies will have to hash out the differences before the bill can be sent to President Obama for consideration. There may yet be time for citizens to wield the power of their views with their elected officials.

Smack dab in the middle of the baby boomer generation , L.L. Woodard is a proud resident of "The Red Man" state. With what he hopes is an everyman's view of life's concerns both in his state and throughout the nation, Woodard presents facts and opinions based on common-sense solutions.

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Obama Approval 41 Percent; Democrats Laugh at Creative Job Numbers (ContributorNetwork)

COMMENTARY | Amid Obama's growing avalanche of woes, Gallup released the latest approval numbers for the struggling president. He has hit an entirely new "all time low" of 41 percent. The Economic Confidence Index has plummeted to -40. Americans aren't buying the "I inherited this mess" story anymore. Bloomberg's latest poll shows 61 percent of respondents think 2012 will mark Obama's responsibility line in making the economy "substantially better." Only three out of 10 say they will vote for him. While the November primaries are over a year away, Obama is in serious trouble.

In 2008, Louis Farrakhan said that when Obama talks "the Messiah is absolutely speaking," according to World Net Daily. Today, the Nation of Islam leader believes "that's a murderer in the White House." While the opinions of Farrakhan have fallen the full measure between heaven and hell, even his most enthusiastic supporters of three years ago seem to languish the depths of purgatory.

As discussed in my recent article, "Obama Re-Election Chances Reaching Terminal Velocity," Obama is facing some serious heat. From low poll numbers and the public's offense to his disconnected humor in their suffering to being sued by Congress for his debacle in Libya and leaving the Puerto Rican people $1 million shorter and legislators angry by his hype and change, the man touted as "the smartest guy ever to become president" appears aware but oddly unconcerned by how fast the ice is thinning beneath his feet.

During Obama's recent appearance at a rally in Miami, Fla., the Associated Press reported that even the president is lamenting how "It's not as cool to be an Obama supporter as it was in 2008, with the posters and all of that stuff." What the AP portrayed as an "intimate gathering of donors" could be more accurately described as a 2,200 seat venue where only 980 people were willing to purchase a ticket.

The fact that the president's chief campaign strategist, David Axelrod, felt it necessary to step forward and reassure fans that it's still "cool," reports RealClearPolitics, to be an Obama supporter shows their awareness of how deeply the rock of doubt has sunk within their base.

During Obama's speech at a DNC event, mention of his imaginary creation of 2.1 million jobs drew ("Laughter") from his fellow Democrats, which was marked by the event stenographer into the original transcript at the punch line. However, the White House version shows (Applause). Drudge Report discovered that the White House Press secretary issued a memo for "Immediate Release" to change the "(Laughter)" to "(Applause)." Politico reports that the White House has declined to comment on the matter, but an event official said, even though she heard laughter, the stenographer must have accidentally hit the "laughter" key.

Making matters worse for himself, Politico reports that the leaders of the National Association of Latino Elected and Appointed Officials (NALEO) are angry that Obama has skipped their annual conference for the past three years, even though he promised he would return after they helped elect him to the presidency.

"It is getting harder and harder for the president to go into a venue where he is confronted by Latinos because he is in a jam," said Rep. Luis Gutierrez (D-Ill.), NALEO member and one of Obama's earliest yet newly embittered Hispanic supporters. "In front of a group like NALEO, blaming Republicans for their intransigence on immigration reform and not addressing what the president's own administration is doing to immigrants would not wash."

Seeming to ignore the rise of disappointments and loss of support in the Hispanic voting base, White House Spokesman Luis Miranda said the administration has shown "unprecedented" work and outreach on issues important to Hispanics. Of course, Florida representative and DNC Chair Debbie Wasserman Shultz also predicted, by reminding them of the few things Obama did in the past on their behalf, the "outreach" to women would be equally "unprecedented." However, the Washington Times reported that the moment they tried plucking that string, the moderator at the Netroots Nation conference said, "Frankly we're a little sick of hearing about that one."

Compared to the swell of many demographics that lifted Obama to the White House in 2008, his support among black Americans was a virtual tidal wave. While it may not be cause for immediate alarm, an April Gallup poll revealed an unexpected drop among Blacks of 7 percent in March. The recent report by CBS News of the staggering new unemployment numbers among black Americans may be enough to tip wavering black supporters over the edge and erode Obama's favorability numbers even further.

While the national unemployment level hovers around 9.1 percent, CBS News correspondent Michelle Miller reported that unemployment among Africa Americans is now at "Depression-era levels." The latest figures show joblessness among African Americans at 16.2 percent and black males at 17.5 percent. Earlier this month, CBS revealed the national unemployment rate for teens stands at 24 percent overall. This week, the outlet reported the unemployment rate for black teens is approaching an astounding 41 percent.

Coincidentally, after Obama's trip to Puerto Rico in a disastrous effort to boost his faltering poll numbers among Hispanics, the president chose to have his wife and children make the trip to South Africa. Unfortunately, the Telegraph has reported that South African President Jacob Zuma decided he was "not available" to meet Michelle. Obama's folly in Libya is to blame.

"We strongly believe that the (UN Security Council) resolution is being abused for regime change, political assassinations and foreign military occupation," Zuma told parliament the day after Hillary Clinton's speech calling for support from African leaders.

Agence France-Presse reported that, according to the White House, the purpose of the First Lady's visit is to "emphasize to the first family of South Africa's anti-apartheid struggle, which President Obama has called his first political cause." Additionally, we are told that the president has periodic telephone calls with former president Nelson Mandela.

Perhaps with the lengthy and ever growing list of "top priorities" of which CBS has been keeping track -- securing the southwest border, recovering and rebuilding from a recession, free trade, energy security, hurricane preparedness and about a dozen others -- perhaps Obama doesn't have enough time to "emphasize to the first family of South Africa's anti-apartheid struggle" regularly or to remind them it was his "first political cause" himself.

Of course, tornado and flood preparedness didn't even make it on the "top priorities" list, as to leave plenty of room for throwing another White House party or fundraiser, going on another family vacation and setting the world record for rounds of golf played by a sitting president.

Sources:

"Election 2012", Gallup

Julianna Goldman, "Obama Gets 30% of Americans Certain to Support Re-election in Economy Poll", Bloomberg

"Farrakhan on Obama: 'The Messiah is absolutely speaking'", World Net Daily

"Minister Farrakhan: "That's A Murderer In The White House!"", YouTube

Patricia Campion, "Obama Re-Election Chances Reaching Terminal Velocity", Yahoo!News

Patricia Campion, "Puerto Rican Legislators Unimpressed by Hype and Change", Yahoo!News

Douglas MacKinnon, ""Historians" For Obama", Town Hall

Yahoo!News, "Analysis: Passion for Obama not like 2008", Associated Press

Patricia Campion, "Obama and Fellow Liberals Heckled -- by Other Liberals", Yahoo!News

"CX: Not 'laughter,' 'applause'..." Drudge Report

"Remarks by the President at a DNC Event", The White House

"Axelrod Assures Admirers: "It's Cool To Be An Obama Supporter", Real Clear Politics

Julie Mason, "President Obama no-show miffs Hispanics", Politico

Dave Boyer, "Obama slammed at liberal conference", Washington Times

"Obama Approval Slips Among Blacks, Hispanics in March", Gallup

Ailsinn Laing, "Jacob Zuma snubs Michelle Obama during First Lady's South Africa visit" The Telegraph

Yahoo!News, "Michelle Obama visits S.Africa with family", Agence France-Presse

Michelle Miller, "African-American unemployment at 16 percent", CBS News

Mark Knoller, "How Many "Top Priority" Issues Does Obama Have?", CBS News

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