The Security and Exchange Commission (SEC) regulates the stock market.
“Upon the passage of the Dodd-Frank Financial Regulation bill, President Obama claimed “it will finally bring transparency to the kind of complex and risky transactions that helped trigger the financial crisis.” However, the bill fails to bring transparency to government regulators of the financial market-the same regulators who played a major role in the current financial crisis. The “reform bill” includes a provision that exempts the SEC from disclosing information to the public. According to Fox Business News,
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.
…. 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 SEC’s failures secret. The only losers here are the American public.’
Last week, Congressman Ron Paul (R-TX) introduced the SEC Transparency Act of 2010, H.R. 5970. If passed, the bill would repeal the amendments made in section929I in the 2,300 page bill that exempts the SEC from complying with requests under the Freedom of Information Act.”
Connect with Benjamin Hodge at Facebook, Twitter, LinkedIn, The Kansas Progress, and LibertyLinked. Hodge is President of the State and Local Reform Group of Kansas. He served as one of seven at-large trustees at Johnson County Community College from 2005-’09, a member of the Kansas House from 2007-’08, a delegate to the Kansas Republican Party from 2009-’10, and was founder of the Overland Park Republican Party in 2011. His public policy record is recognized by Americans for Prosperity, the Kansas Association of Broadcasters, the Kansas Press Association, the Kansas Sunshine Coalition for Open Government, the NRA, Kansans for Life, and the Foundation for Individual Rights in Education (FIRE).