Categories: OLD Media Moves

Lawmaker proposes legislation to repeal SEC disclosure wording

Ben White of Politico reports that Rep. Darrell Issa (R-Calif.), ranking member of the Oversight and Government Reform Committee, will introduce legislation Thursday to repeal section 9291 of Dodd-Frank, which allows the SEC to refuse to disclose records or other information in response to certain Freedom of Information Act requests.

White reports, “The Dodd-Frank provision, which garnered no attention during debate over the bill, sparked outrage among journalists and government watchdog groups yesterday after Fox Business Channel said a FOIA request was denied under the provision. Issa’s bill will be called ‘The SEC Freedom of Information Restoration Act.’ Legislation: http://politi.co/btqMYZ

“ISSA told Morning Money: ‘This is just the latest example of Congress passing and the President signing legislation into law without fully understanding what’s in it. Either that or the Administration knowingly orchestrated the inclusion of a provision that shields the SEC from the transparency and accountability this reform bill was supposed to represent.

“‘Regardless of intent, both Democrats and Republicans alike should agree that we cannot allow this regulatory body that failed to catch Allen Stanford’s fraud and Bernie Madoff’s ponzi scheme to operate in secrecy.'”