ANOTHER ONE BITES THE DUST

iVillage Member
Registered: 10-01-2004
ANOTHER ONE BITES THE DUST
2
Thu, 07-29-2010 - 9:13am

Another Obama promise bites the dust:


SEC Says New Financial Regulation Law Exempts it From Public Disclosure

By Dunstan Prial


Published July 28, 2010


| FOXBusiness



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.


That argument comes despite the President saying that one of the cornerstones of the sweeping new legislation was more transparent financial markets. Indeed, in touting the new law, Obama specifically said it would “increase transparency in financial dealings."


The SEC cited the new law Tuesday in a FOIA action brought by FOX Business Network. Steven Mintz, founding partner of law firm Mintz & Gold LLC in New York, lamented what he described as “the backroom deal that was cut between Congress and the SEC to keep the

iVillage Member
Registered: 11-10-2006
Wed, 08-04-2010 - 11:42am

Typical response.

 


 


 


iVillage Member
Registered: 03-20-2010
Fri, 07-30-2010 - 4:35pm

Oh, puhleeeze.


Speaking of broken promises, GWB promised (among