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FOXBusiness.com - SEC Says New FinReg Law Exempts It From Public DisclosureSo 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."
Curious how so many people can be totally bamboozled by a Chicago educated corrupt politician.
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.
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.
That sort of thing was already exempt from FOIA. This new provision appears to make the SEC almost entirely exempt.
"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
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.
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?
thought you might comprehend the foolishness of your position if you saw it a second time
Curious how so many people can be totally bamboozled by a Chicago educated corrupt politician.
That sort of thing was already exempt from FOIA.
According to what law?
5 U.S.C. Sec. 552(b)(8).
(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;
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.
then why are you still whining about the changed law
it was for the public good
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