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."
The SEC cited the new law Tuesday in a FOIA action brought by FOX Business Network. Steven Mintz, founding partner of law firm Mintz & Gold LLC in New York, lamented what he described as “the backroom deal that was cut between Congress and the SEC to keep the SEC’s failures secret. The only losers here are the American public.â€
If the SEC’s interpretation stands, Mintz, who represents FOX Business Network, predicted “the next time there is a Bernie Madoff failure the American public will not be able to obtain the SEC documents that describe the failure,†referring to the shamed broker whose Ponzi scheme cost investors billions.
The SEC didn’t immediately respond to a request for comment.
Criticism of the provision has been swift. “It allows the SEC to block the public’s access to virtually all SEC records,†said Gary Aguirre, a former SEC staff attorney-turned-whistleblower who had accused the agency of thwarting an investigation into hedge fund Pequot Asset Management in 2005. “It permits the SEC to promulgate its own rules and regulations regarding the disclosure of records without getting the approval of the Office of Management and Budget, which typically applies to all federal agencies.â€
http://www.foxbusiness.com/markets/2010/07/28/sec-says-new-finreg-law-exempts-public-disclosure/
Help, I am so confused what does this mean,.???
Say If I have a savings account stashed away in a bank, my life's savings of $80,000, I get a notice from my bank that this untouched account except for deposits now has only $100.00 and the bank refuses to turn over my banking records, the SEC will not investigate the bank or allow me to get records under the freedom of information act.? How will this work out for those of us with retirement 401k or other savings.??
Will this extend to mortgage company's and stock brokers.? stocks and bonds.??
I tell Ya everytime that Obama signs ANYTHING I feel this violent upset stomach before I ever hear what he has signed of this new net he is trapping us in.
Biggest problem I have is I wonder who Obama is a front man for. Who is he setting the scene for to come after him that can after he has set the stage for them to become the master of Pavlov's Dogs. We the citizens being the dogs.
Interesting world we have here in America, even the very poorest of us, the mentally ill, the disabled the criminals the very old and the very young live 100% , make that 200% better then 3/4 the other people in the world.
As long as people have their bellys full and a few toys to distract them, they can be controlled.
Then there is the fact that we all too often hear the truth and are called tin foil hats when someone comes up with the idea that this may be a conspiracy of the world wide wealthy people that has taken 150 or more years to put in place.
A conspiracy to build that Muslim temple in New York, -------Follow the money boys and girls, I have no idea who is in charge of the SEC, they were not voted in, anymore then I know how 12 people in New York were convinced to vote in NY to ALLOW THAT Hideous reminder of 7/11 to be build practically on the sight of an act of war against us.
Too wierd to comprehend the last 18 months or so, bad day at Red Rock.
