S.E.C. Defends Exemptions in New Law

[Frank Booth]

Source: NY Times

WASHINGTON — The Securities and Exchange Commission is fighting attempts by some lawmakers to repeal a provision in a new law that gives the commission greater ability to block public disclosure of material it gathers from financial and investment firms.

Part of the Dodd-Frank financial regulation law, which was signed by President Obama in July, exempts the S.E.C. from being compelled by the Freedom of Information Act to release confidential information it gained while examining financial institutions. Examination would include “surveillance, risk assessments or other regulatory or oversight activities,” by the S.E.C., according to the new law.

Critics including Representative Darrell Issa of California, the ranking Republican on the House Committee on Oversight and Government Reform, have introduced four bills in the House and one in the Senate that would repeal or narrow the possible exemptions from Freedom of Information Act requests.

According to those critics, the new law is so broad that it insulates nearly all of the commission’s regulatory activity from transparency.

Read more: http://www.nytimes.com/2010/09/16/business/16sec.html?src=twr

[katandmoon]

1. Love that transparency!

[Frank Booth]

2. You know that things have gotten bad when Republicans are more interested

in protecting FOIA requests than Democrats, though the article does note that Leahy has introduced a similar bill in the Senate.

Whatever the case, until we get an SEC that's more interested in protecting the consumer than protecting Wall Street, the economic inequality will continue to worsen.

[snot]

3. K&R'd