SEC Says New FinReg Law Exempts It From Public Disclosure

FOX NEWS ^ | 07/28/10 | Dunstan Prial

[Doogle]

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."

[Doogle]

transparency

[ExTexasRedhead]

Typical corruption from the Fuhrer’s Regime aka Ruling Class. Conservatives are going to have a lot of plotting from the enemies within to undo.

An entire agency will have to be created to investigate and expose all the treason being committed as well as the names of those that plotted it. Investigate, expose, prosecute, imprison and disgrace their name for eternity.

[Doogle]

....this ought to bring out more rat defections......

[dools007]

How convenient.

[KarlInOhio]

This further confirms by belief that every piece of legislation should have a complete, line-by-line change record attached to it with the name of the senator or representative (no anonymous staffer) who authorized every addition or deletion and a record of the vote approving the change. This wasn't some immaculate legislation... some congressman put in this bit of regulatory opacity. We should be able to know who did it.

[KarlInOhio]

Upon further thought, this is a perfect target for a Cloward-Piven type attack. Just flood the office with FOIA requests (at 44¢ postage each). Each one of those would probably consume 15-30 minutes to reject it and mail back the rejection.

[Doogle]

...should be interesting to watch how this pans out. Who added it to the bill? Until people start to insist that the government disclose all proposals and authors....before passing this sort of destruction of the Constitution will continue. Bills being brought forward from Czars and unelected shady characters.

[Venturer]

You have to hand it to these Democrat Pieces OS, they sure do have the knack of sneaking in their shoddy dealings on the backs of bills.

They know their Republican opponents never read the bills any more than they themselves do.

Makes you kind of wonder sometimes who really writes these bills.

[Doogle]

...and mail back the rejection.

..your assuming as a serf that you will get a response...???

[phockthis]

sfl

[manc]

after the radicals leave power I want to see an investigation into how this white house and the media worked together and passed their big Govt agenda onto the people while the so called media covered up for them

[US_MilitaryRules]

Transparency to this regime is a 10 foot thick concrete wall!

[Doogle]

who really writes these bills.

..look up Apollo Alliance

[Rodamala]

This is of little consequence, since in a few months the press room of the Whitehouse and the rest of Washington will be nothing but liberal bloggers that wouldn’t file FOIA lawsuits against the SEC anyways.

[paulycy]

[Personal Responsibility]

No bill should be allowed to be longer than the original Constitution for reasons just like this. Tough to slip shady language into something that short.

[savedbygrace]

Which one of the Maine sisters was it who claimed she had read the entire bill and decided we need it? She should be asked if she read this part of it.

[Doogle]

she won’t be asked...who would ask her?

[cranked]

Yep, more of that promised transparency and open government...... I sense the need for another Joe Wilson moment.....

[sarasota]

“...a little noticed provision...”