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Darrel Issa (R-CA) Looks to Restore Transparency and Accountability to the SEC

Posted by Larry Doyle on July 30, 2010 4:08 PM |

Earlier this week, the SEC informed Fox Business News that it would not comply with a request for information based upon SEC Financial Regulatory Law H.R. 4173. Fortunately, some people in our country still care  about transparency, accountability, and integrity. To this end, thank you to a friend of Sense on Cents for sharing this recent release:

It brings the SEC back under the Freedom of Information (FOIA) Act after the Dodd-Frank financial reg bill provided them with an exemption.

ISSA INTRODUCES THE SEC FREEDOM OF INFORMATION RESTORATION ACT

(c) 2010 States News Service

The following information was released by the House Committee on Oversight & Government Reform:

Rep. Darrell Issa (R-CA), the Ranking Member of the Oversight and Government Reform Committee, today introduced H.R. 5924, the “SEC Freedom of Information Restoration Act” which will repeal section 9291 of the Dodd-Frank Wall Street Reform and Consumer Protection Act that allows the SEC to not “disclose records or information” that are typically subjects of Freedom of Information Act (FOIA) requests.

“Note this as just the latest example of Congress passing and the President signing legislation into law without fully understanding what’s in it,” Issa said. “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. Hopefully, we can partner together and swiftly pass legislation I am introducing today to repeal Section 9291 and ensure that the SEC will be held to the highest possible standard of accountability and transparency.”

The SEC Freedom of Information Restoration Act was co-sponsored by House Financial Services Committee Ranking Member Spencer Bachus (R-AL) as well as by Reps. Brian Bilbray (R-CA), Dan Burton (R-IN), Jason Chaffetz (R-UT), John Duncan (R-TN), Jeff Fortenberry (R-NE), Jim Jordan (R-OH), Blaine Luetkemeyer (R-MO), John Mica (R-FL), Patrick McHenry (R-NC), Aaron Schock (R-IL) and Bill Shuster (R-PA).

In this corner, those who care to maintain the incestuous Wall Street-Washington relationship which stifled real regulatory oversight and brought our nation to its knees. In that corner, those who care  for transparency, accountability, and integrity and have had enough of the bulls#&% from regulators who failed our nation miserably and say one thing but do another.

Let’s get rrrrrready to rrrrrrrrumble!!!

LD

Thanks again to the friends of Sense on Cents who brought this story to my attention. Please subscribe to all my work via e-mail, an RSS feed, on Twitter or Facebook. Thanks!!

  • Mad as Hell

    If this rule were in place do you think we ever would have learned how badly the SEC screwed up handling the Madoff scam. We’re supposed to think they have their act together and trust them?

    How dumb do they think we are ??

  • Only for the brave, here is a question on financial regulations.

    Currently the financial regulators in the Basel Committee requires the bank to hold 8 percent when lending to unrated small businesses and entrepreneurs but only 1.6 percent when lending to triple A rated clients.

    What would have happened if exactly the opposite capital requirements had been imposed? The banks having to hold instead 8 percent in capital when lending to triple-A rated clients and only 1.6 percent when lending to unrated small businesses and entrepreneurs.

    It would most surely have created problems, any regulatory discrimination does, but I hold that a crisis as large as the current one would not have happened… since no gigantic financial crisis has ever resulted from excessive lending to those who are perceived as risky, they have always resulted from excessive lending to those who are perceived as not risky.

    We could also have had a lot more of jobs, since almost always the next-generation of decent sustainable jobs is to be found among the current small businesses and entrepreneurs.

    Our biggest financial systemic risk is without any doubt our financial regulators

    • LD

      Per,

      I love your summation and totally agree with it. Most astute minds believe our recently passed Financial Regulatory Reform package will only be impactful if the regulators can perform. Wall Street knows that the regulators are more beholden to them than the public. The regulators failed us miserably. With this package Washington is failing us as well.

      Glad you found my site. I have written extensively about financial regulation and the incestuous nature of the Wall Street-Washington relationship. I personally believe Wall Street’s self-regulator FINRA is the center of the storm. Who ran FINRA? Mary Schapiro, now running the SEC.






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