SEC Says New Financial Regulation Law Exempts it From Public Disclosure

Posted by Kendall Harmon

So much for transparency.

Under a little-noticed provision of the recently passed financial-reform legislation, the Securities and Exchange Commission
no longer has to comply with virtually all requests for information releases from the public, including those filed under the Freedom of Information Act.

The law, signed last week by President Obama, exempts the SEC from disclosing records or information derived from "surveillance, risk assessments, or other regulatory and oversight activities." Given that the SEC is a regulatory body, the provision covers almost every action by the agency, lawyers say. Congress and federal agencies can request information, but the public cannot.

Read it all.

Filed under: * Culture-WatchLaw & Legal Issues* Economics, PoliticsEconomyStock MarketThe U.S. GovernmentPolitics in GeneralHouse of RepresentativesSenate

7 Comments
Posted July 28, 2010 at 8:22 pm [Printer Friendly] [Print w/ comments]



1. Kendall Harmon wrote:

When I first heard about this today I had to check because I thought I was dealing with a hoax.  Ugh.

July 28, 8:24 pm | [comment link]
2. Branford wrote:

Does Congress ever even read the bills they vote on?

July 28, 8:54 pm | [comment link]
3. Daniel wrote:

In the computer support area, there is a rather indelicate acronym used for uninformed end users - RTFM.  I suggest that we need to add RTFB for Congress, although this would significantly lower their number of excuses by excluding the “but I wasn’t able to read all the bill before I voted for it” excuse.

Another pernicious Easter Egg (to follow through on the IT analogies) in this bill is that Maxine Waters’ “Diversity and Inclusion Offices” mandates now appear to apply to businesses that have government contracts.  This bill is a gift that just keeps on giving in so many ways.

July 28, 9:03 pm | [comment link]
4. Connecticutian wrote:

Sen Dodd was right - we won’t know what’s in the bill until it passes!  :-(  I only regret that I can’t vote against him this November.

July 28, 9:39 pm | [comment link]
5. DonGander wrote:

Hypocrisy as an art form.

Olympic hypocrisy.

World Series of hypocrisy.

Nope, they have raised hypocrisy to a whole new level… There is no description available.

Don

July 28, 10:41 pm | [comment link]
6. palagious wrote:

Take your Government back!  Vote out all incumbents.  Let the political class know who is boss.

July 29, 1:20 pm | [comment link]
7. dwstroudmd+ wrote:

Clearly the TEc is model for the government.  Is there a concordat that can be exposed or is this just business as usual for both?

Hard to tell, ain’t it?

July 29, 10:30 pm | [comment link]
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