SEC Exempt from Public Disclosure?

I wish I could say that I was surprised when I heard this. In an administration that touted ‘transparency’ with the public, it seems that it has been anything but.

Last week, President Obama signed a financial reform into law – as a result, 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.”

Hm… Really?

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