Job Bill Seen Gutting Disclosure

Proposed legislation criticized for rolling back securities, governance rules.

U.S. legislation that would roll back securities disclosure and governance rules in the name of job creation is being attacked by consumer advocates and former regulators as an evisceration of investor protections in place since the 1930s.

The package of bills awaiting Senate action after receiving broad bipartisan support in a House vote last week would destroy safeguards dating as far back as the laws that created the Securities and Exchange Commission, according to Lynn E. Turner, a former SEC chief accountant.

‘Sufficient Safeguards’

SEC Chairman Mary Schapiro “believes that portions of the legislation either unnecessarily eliminate important investor protections or are not balanced with sufficient safeguards,” John Nester, an agency spokesman, said in a statement.

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