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SEC Says New FinReg Law Exempts It From Public Disclosure

Renae

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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."
FOXBusiness.com - SEC Says New FinReg Law Exempts It From Public Disclosure

So much for open gov't. Progressive talk about one thing,. and do another. And so many people fall for their BS.
 

Ockham

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So what I read into this is --- they no longer answer to the people of this country. If a FOIA request can legally be rebuffed - we rely on Congressional oversight and subpoena and currently one poll has Congress at 11% approval.

Great. Just... great.
 

jujuman13

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Curious how so many people can be totally bamboozled by a Chicago educated corrupt politician.
 

justabubba

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this prevents industry competitors from using FOIA request responses to obtain insights into their competitors' activities which information would not be available to them but for the old FOIA provisions?
notice that those with the authority to direct financial institution actions - congress and the federal agencies - continue to have access to that critical information while the financial institution's competitors would not
this would appear to be a very wise aspect of the new provisions
 

Harshaw

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Curious how so many people can be totally bamboozled by a Chicago educated corrupt politician.
I've been curious about that for a good five years now.
 

Harshaw

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this prevents industry competitors from using FOIA request responses to obtain insights into their competitors' activities which information would not be available to them but for the old FOIA provisions?
notice that those with the authority to direct financial institution actions - congress and the federal agencies - continue to have access to that critical information while the financial institution's competitors would not
this would appear to be a very wise aspect of the new provisions
There shouldn't be anything covered by the SEC which would make this a problem.
 

justabubba

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There shouldn't be anything covered by the SEC which would make this a problem.
so, if i am an investment house and thru a FOIA request learn that my competitor is in the midst of a capital crunch and has over-extended positions
why would i not use that SEC collected information to expose the weaknesses to the investment community which is buying financial services. that information might very well cause the investment community to move away from that investment house experiencing financial difficulty in favor of my financial organization which revealed that FOIA obtained information for my organization's benefit and to the detriment of the competitor
 

Harshaw

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so, if i am an investment house and thru a FOIA request learn that my competitor is in the midst of a capital crunch and has over-extended positions
That sort of thing was already exempt from FOIA. This new provision appears to make the SEC almost entirely exempt.
 

Renae

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That sort of thing was already exempt from FOIA. This new provision appears to make the SEC almost entirely exempt.
SHHH He's trying out the newest Trial Balloon from the Left on why this is a "Good thing".
 

justabubba

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That sort of thing was already exempt from FOIA. This new provision appears to make the SEC almost entirely exempt.
what was available before that will be unavailable now?
 

Harshaw

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"Other regulatory oversight activities."
 

justabubba

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"Other regulatory oversight activities."
so you are ok that routine regulatory information can be concealed but you have become out of sorts that "other regulatory oversight activities" information cannot now be released
it appears you are without a basis for concern, since it is obvious you have no idea what cannot be released how which could before under FOIA
 

Renae

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so you are ok that routine regulatory information can be concealed but you have become out of sorts that "other regulatory oversight activities" information cannot now be released
it appears you are without a basis for concern, since it is obvious you have no idea what cannot be released how which could before under FOIA
And you don't seem to care that say... the SEC makes a Ruling against "Justabubba Inc". They don't release any information as to the what's going on. Mr. Vic of the Local Paper tries to get information, and files a FOIA form to find out why "Justabubba Inc" was hammered. The SEC just ignores it.
 

Harshaw

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so you are ok that routine regulatory information can be concealed but you have become out of sorts that "other regulatory oversight activities" information cannot now be released
it appears you are without a basis for concern, since it is obvious you have no idea what cannot be released how which could before under FOIA
"Other regulatory oversight activities" pretty much puts everything a regulatory oversight agency does out of bounds. That would be my "basis for concern." Should be self-explanatory, really. That is, if governmental accountability matters to you.
 

justabubba

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"Other regulatory oversight activities" pretty much puts everything a regulatory oversight agency does out of bounds. That would be my "basis for concern." Should be self-explanatory, really. That is, if governmental accountability matters to you.
yes, collecting insider information about the strength of the business institutions, which information could be used against the institutions the SEC monitors - IF it is allowed to be released
face it, you have no actual quibble here; your powder is all wet
 

Harshaw

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yes, collecting insider information about the strength of the business institutions, which information could be used against the institutions the SEC monitors - IF it is allowed to be released
face it, you have no actual quibble here; your powder is all wet
How is it that you think simply repeating what you said makes it stronger?
 

justabubba

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How is it that you think simply repeating what you said makes it stronger?
thought you might comprehend the foolishness of your position if you saw it a second time
 

Harshaw

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thought you might comprehend the foolishness of your position if you saw it a second time
If it were foolishness, I wouldn't have posted it.
 

justabubba

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5 U.S.C. Sec. 552(b)(8).
but 4B(6)b(3) provides for this new exemption - the one you are complaining about:
(3) specifically exempted from disclosure by statute (other than section 552b of this title), provided that such statute (A) requires that the matters be withheld from the public in such a manner as to leave no discretion on the issue, or (B) establishes particular criteria for withholding or refers to particular types of matters to be withheld;
there was not previously a specific exemption
the FOIA officer at SEC would have had to document the legal basis for refusing to make such disclosures at every instance such inappropriate disclosures would have been requested under the FOIA provisions
now that is not required because of a legitimate blanket exemption
 

Harshaw

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but 4B(6)b(3) provides for this new exemption - the one you are complaining about:


there was not previously a specific exemption
the FOIA officer at SEC would have had to document the legal basis for refusing to make such disclosures at every instance such inappropriate disclosures would have been requested under the FOIA provisions
now that is not required because of a legitimate blanket exemption
Dude. You're making my case for me.
 

justabubba

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Harshaw

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then why are you still whining about the changed law
it was for the public good
I said why. I see no reason to state it again; it was clear the first time.

If you think it's fine and dandy that the SEC is nearly entirely exempt from accountability through the FOIA, far beyond what you claim is your concern, so be it. If that kind of immunity from public inquiry is the kind of government you want, then that's your take. I do not agree, and will not agree.
 
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