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This does not make much sense. One of the SEC's primary functions is to serve as a clearinghouse for reliable financial data on publically traded companies.
The SEC also has a law enforcement function; I'd imagine they are entitled to maintain privacy on open investigations. Beyond that (and mebbe some personal data), I just don't see how this could makes sense.
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.
This does not make much sense. One of the SEC's primary functions is to serve as a clearinghouse for reliable financial data on publically traded companies.
The SEC also has a law enforcement function; I'd imagine they are entitled to maintain privacy on open investigations. Beyond that (and mebbe some personal data), I just don't see how this could makes sense.
It makes no sense if everyone is a good willed person without an agenda. But if someone does have an agenda?
Id like to know who put this exemption in this bill. and why.
Foxbusiness..lol I thought we all agree'd everything Fox is bullshit. Everything!
What exactly is the provision?
...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 SECs failures secret. The only losers here are the American public.
...
Criticism of the provision has been swift. It allows the SEC to block the publics access to virtually all SEC records, said Gary Aguirre, a former SEC staff attorney-turned-whistleblower who had accused the agency of thwarting an investigation into hedge fund Pequot Asset Management in 2005. It permits the SEC to promulgate its own rules and regulations regarding the disclosure of records without getting the approval of the Office of Management and Budget, which typically applies to all federal agencies.
Aguirre used FOIA requests in his own lawsuit against the SEC, which the SEC settled this year by paying him $755,000. Aguirre, who was fired in September 2005, argued that supervisors at the SEC stymied an investigation of Pequot a charge that prompted an investigation by the Senate Judiciary and Finance committees.
The SEC closed the case in 2006, but would re-open it three years later. This year, Pequot and its founder, Arthur Samberg, were forced to pay $28 million to settle insider-trading charges related to shares of Microsoft (MSFT: 25.95 ,0.00 ,0.00%). The settlement with Aguirre came shortly later...
