Friday, July 30, 2010

So much for transparency “SEC Exempts itself from FOIA”

SEC Says New Financial Regulation Law Exempts it From Public Disclosure

By Dunstan Prial
Published July 28, 2010
| FOXBusiness
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 the full story & watch the video here.

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