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Thread: SEC Says New FinReg Law Exempts It From Public Disclosure

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    SEC Says New FinReg Law Exempts It From Public Disclosure

    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.
    Climate, changes. It takes a particularly uneducated population to buy into the idea that it's their fault climate is changing and further political solutions can fix it.



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    Re: SEC Says New FinReg Law Exempts It From Public Disclosure

    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.
    “I think if Thomas Jefferson were looking down, the author of the Bill of Rights, on what’s being proposed here, he’d agree with it. He would agree that the First Amendment cannot be absolute.” - Chuck Schumer (D). Yet, Madison and Mason wrote the Bill of Rights, according to Sheila Jackson Lee, 400 years ago. Yup, it's a fact.


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    Re: SEC Says New FinReg Law Exempts It From Public Disclosure

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

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    Re: SEC Says New FinReg Law Exempts It From Public Disclosure

    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
    we are negotiating about dividing a pizza and in the meantime israel is eating it
    once you're over the hill you begin to pick up speed

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    Re: SEC Says New FinReg Law Exempts It From Public Disclosure

    Quote Originally Posted by jujuman13 View Post
    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.
    “Offing those rich pigs with their own forks and knives, and then eating a meal in the same room, far out! The Weathermen dig Charles Manson.”-- Bernadine Dohrn

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    Re: SEC Says New FinReg Law Exempts It From Public Disclosure

    Quote Originally Posted by justabubba View Post
    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.
    “Offing those rich pigs with their own forks and knives, and then eating a meal in the same room, far out! The Weathermen dig Charles Manson.”-- Bernadine Dohrn

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    Re: SEC Says New FinReg Law Exempts It From Public Disclosure

    Quote Originally Posted by Harshaw View Post
    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
    we are negotiating about dividing a pizza and in the meantime israel is eating it
    once you're over the hill you begin to pick up speed

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    Re: SEC Says New FinReg Law Exempts It From Public Disclosure

    Quote Originally Posted by justabubba View Post
    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.
    “Offing those rich pigs with their own forks and knives, and then eating a meal in the same room, far out! The Weathermen dig Charles Manson.”-- Bernadine Dohrn

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    Re: SEC Says New FinReg Law Exempts It From Public Disclosure

    Quote Originally Posted by Harshaw View Post
    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".
    Climate, changes. It takes a particularly uneducated population to buy into the idea that it's their fault climate is changing and further political solutions can fix it.



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    Re: SEC Says New FinReg Law Exempts It From Public Disclosure

    Quote Originally Posted by Harshaw View Post
    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?
    we are negotiating about dividing a pizza and in the meantime israel is eating it
    once you're over the hill you begin to pick up speed

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