After both houses of Congress passed it, the White House is finally recognizing that the deregulatory bill they proposed and pushed is distasteful to liberals who have actually looked at it for longer than two seconds:
White House allies are in an uproar over pro-business legislation embraced by President Obama, exposing a new rift in his relations with Democratic lawmakers and supporters amid his efforts since the fall to mend those ties [...]
To rally skeptical Democrats, including some who were thinking of trying to keep the bill from coming up for a vote, Senate Majority Leader Harry M. Reid (D-Nev.) last week made a last-minute, behind-the-scenes appeal to let the bill proceed, according to congressional aides. In the Mansfield Room off the Senate floor, Reid warned his Democratic colleagues against obstructing a measure backed by the president and standing in the way of a bipartisan effort to create jobs.
The Senate voted on the legislation, although half of the chamber’s Democrats voted against passage. Congressional aides said the White House’s enthusiastic support for the bill left some Democratic senators feeling boxed in.
There are only two ways to look at the JOBS Act. Either you agree with the Republican critique that regulations are a boot stamping on a human face forever, something the White House has rejected over and over again, or you think the economy will be served by a pro-fraud bill, a bill that makes it easier for companies to bilk investors and for Wall Street financiers to facilitate it. Neither makes the White House come off looking good.
The Administration took credit for the JOBS Act last week, and this article fleshes out more details about its origin. Apparently it’s a holdover from the dark Bill Daley days.
As Bill Black writes, most pro-fraud legislation ends up being bipartisan. Republicans are down for whatever pro-fraud bits they can get for their constituency. So when Democrats support something, it’s sure to get votes. And since Washington chases bipartisanship like a tiger chases its tail, you end up with legislation like this, that can be called a “bipartisan jobs measure” if you stretch the definition to its very limits.
And this late-in-the-game uproar won’t change anything. The House has vowed to accept the Senate amendments to the bill and give final passage this week.