Robert Kuttner, co-editor of The American Prospect, warned Monday that the Jumpstart Our Business Startups (JOBS) Act would strip investor protections by easing various Securities and Exchange Commission regulations.

"It is just a scandal that this thing, which is just investor rip-off legislation, has gotten as far as it has," he said.

Kuttner said it was "appalling" that President Barack Obama said he would sign the bill.

"The one thing we have going for us is, there are disclosure laws so that if investors have the wit to read the disclosures, they can protect themselves, and that’s what this retched piece of legislation would gut. Shame on anybody who votes for this."

The JOBS Act easily passed in the U.S. House with bipartisan support. But some Senate Democrats have aired concerns about the legislation.

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