Prof. Painter Quoted by Senator Franken in Floor Speech

Professor Richard Painter was quoted by Senator Al Franken in a Senate floor speech in opposition to provisions of the JOBS Act that reduce investor protection by creating additional exemptions from the requirements of the federal securities laws. Franken states, "Don't take it from me-take it from securities law experts. I have heard from Richard Painter, a professor of corporate law at the University of Minnesota, a former Associate Counsel to President George W. Bush, and Chief White House Ethics Lawyer from 2005 to 2007. Here is what he said about this debate: 'I strongly support these amendments to the JOBS Act. Reckless and fraudulent conduct in connection with the offer and sale of securities is a large part of what got us into our present economic difficulties. Lowering the bar for the offer and sale of risky securities to the public is no way to get us out. If Congress changes the securities laws at all in this Act, these amendments should be included.'"