New Wall Street Reform Law Exempts SEC From Public Oversight

Surprise Surprise.... The details of this legislation are now beginning to surface conveniently after it has been signed into law. Just like Obamacare!!!!

When will we learn??? The warning signs were all over this POS legislation and they were simply ignored.

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.

So basically, Fox Business Network filed a request under Freedom Of Information Act to view formerly public information from the SEC. The SEC refused the request.

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.”

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.

townhall.com...

Well there you have it folks. Get used to hearing "its none of your business" in the days to come. The govt. always knows what is best. Especially a transparent govt. that was promised by Obama. This should only get better as we learn more. This is just a measure to cover their own butts with no questions asked by you or me.

Wall Street reform has absolutely nothing to do with protecting you or me. This was a power grab with an all encompassing veil attached to it.

[edit on 28-7-2010 by jibeho]

Wow, I'm surprised this thread didn't get more attention, though maybe because none of this is really unexpected anymore. This is crazy, it's almost as if every single piece of legislation now coming out of DC is actually against the interests of the American people. How much more obvious could they make it?

What's even more crazy, is that they simply tell the American public that each law being pumped out is for our own good. Really, all it takes for anyone with two brain-cells left to rub together to figure out the truth, is to simply look at what's being passed. I guess that's too much to ask, especially when we are trying to find out what color shoes Chelsea Clinton is going to wear for her wedding.

The American people have nobody but ourselves to blame for the current condition of our affairs.

--airspoon

I like how we're all supposed to open ourselves wide to government and if we resist or refuse we get the tried and true "if you have nothing to hide what are you so worried about?" but when it comes time for government to open up and they refuse we get "stop being so unpatriotic."

Oh well, the Obama fanatics that STILL think this admin is different than the Bush administration will be here shortly to explain this......................chirp chirp. Well maybe not.

Health Care bill has components to see into every aspect of your life. Health, bank accounts, etc etc etc. Admitted by Dangel that the PURPOSE of that bill was to CONTROL THE PEOPLE.

The financial bill is to allow the government to seize any business that they see fit if they see any possible threat to the government. Oh, and another thing is that it allows them to bail out anyone they see fit. Meaning, if a new business starts to threaten any of the entrenched whores of the government, bye bye business.

We have communist dictators in our government and when will anyone wake up?

The SEC certainly needs more oversight, at the very least, they need porn block on their computers.

Who watches the watchers after all?

I don't know why they wouldn't put more transparency in place for the SEC, it just makes sense, looks like we will have to rely on our lawmakers more to get that information for us, and we know how reliable our lawmakers are.

reply to post by airspoon

each law being pumped out is for our own good.

the Alinsky group is gradually takin over in the name of "reform" and "protection."

Any who ever believed that "progressives"
were looking out for our future have been deluded; their leaders will say anything,