President Obama will sign the JOBS Act today, a bill that sprung from his own Jobs and Competitiveness Council, a group with 19 corporate executives and 2 labor officials. Dealbook reports that Wall Street companies have begun to scour the bill for provisions that they can use to their advantage. Because that’s how it works, right? Congress writes the legislation, and only afterwards does Wall Street look to see how it benefits them! They never try to influence the process or write the legislation themselves, that would be untoward.

The House may not have been able to pass a transportation bill yesterday to enable the smooth functioning of two million construction jobs, but they did find the time to kill a bunch of investor protections and deregulate the securities markets while passing the bill to deregulate potentially fraudulent investment practices.

It’s unusual when the Senate passes one bill in a single day, but today they’ve passed two. And both are an indication of the seriousness of legislating in the modern age.

The Senate plan for the JOBS Act today, a financial deregulation bill that would weaken investor protections with no economic benefit, was for three cloture votes – an amendment to add investor protections to the bill, an amendment to attach a reauthorization of the Export-Import Bank to the bill, and, if those failed, a cloture vote on the bill itself.

It appears a few Democrats have finally gotten around to reading the JOBS Act, the financial industry deregulation bill that would bring back penny-stock scams and remove investor protections. Multiple Democrats in the Senate have proposed changes to the legislation, which breezed through the House with ample Democratic support.

Overlooked in the mockery of the GOP House taking some innocuous-seeming bills about small business capital formation and wrapping them up into a package to call them the JOBS Act is that the underlying bills themselves are really not good at all. It’s an effort to exempt a bunch of companies from reporting requirements and weaken investor protections. It’s a financial industry deregulation bill.