A top Democratic lawmaker on Tuesday proposed to take back disclosure exemptions granted to U.S. securities regulators in new financial reform legislation.
Emma Ashburn of Reuters writes, “Edolphus Towns, a New York Democrat who chairs the House Oversight and Governance Reform Committee, introduced a bill that would eliminate enhanced privacy measures for the Securities and Exchange Commission included in the Dodd-Frank Act.
“His support for such an action adds momentum to a similar measure already introduced in the Senate.
“The Dodd-Frank Act, which was signed into law last month, gave the SEC explicit exemptions from having to comply with some Freedom of Information Act requests from press and the public.
“The exemption has drawn criticism from some lawmakers, who argue it will shield the SEC from having to be transparent about its dealings with financial companies.”
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