Senate Aims To Undo FOIA Exemption For SEC

Law360, New York (August 5, 2010, 1:33 PM EDT) -- Members of the Senate Judiciary Committee on Thursday unveiled legislation to undo a controversial provision in the new financial regulatory reform law that critics say allows the U.S. Securities and Exchange Commission to carve out broad exemptions for itself from the Freedom of Information Act.

The bill, sponsored by Sens. Patrick Leahy, D-Vt.; John Cornyn, R-Texas; Ted Kaufman, D-Del.; and Chuck Grassley, R-Iowa, would strike Section 929I in the recently enacted Dodd-Frank Wall Street Reform and Consumer Protection Act, which gives the SEC the ability to...
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