Senate Approves Bill To Remove SEC Freedom Of Information Act Limits PrintReprintsCommentRecommend (0)9-22-10 4:00 PM EDT | E-mail
ArticleWASHINGTON -(Dow Jones)- The U.S. Senate unanimously approved legislation Tuesday to repeal limits on when the Securities and Exchange Commission must turn over documents and information it gathers during its examinations.
The Dodd-Frank financial law allows the SEC to keep some documents and information from being released to the public under the Freedom of Information Act.
Several lawmakers have criticized the exemption as overly broad, but the SEC has argued it merely codifies existing practice.
The agency says the language was meant to ensure the protection that is already afforded to financial institutions will extend to other entities in the financial industry that may not be clearly recognized as “financial institutions.”
The SEC issued guidance last week that will limit its staff’s ability to keep some documents secret.
Legislation to repeal the exemption was considered in a U.S. House committee last week.
-Jessica Holzer, Dow Jones Newswires; 202-862-9228; jessica.holzer@ dowjones.com
(END) Dow Jones Newswires
Copyright (c) 2010 Dow Jones & Company, Inc.