[Excerpt] On behalf of the AFL-CIO, I am writing to express our strong opposition to the so-called "capital formation" bills pending before the Committee, which would reduce regulator}' protections for investors in many companies. These investor protections are critical to safeguarding the retirement savings of America's workers from fraud and other risks. While the proponents of the "capital formation" bills claim they would promote jobs and economic growth, they would actually have the perverse effect of raising the cost of capital for all companies, by increasing the risk of fraud, and reducing the flow of information to investors.