Comment Of Senator Patrick Leahy On House Passage Of The “Freedom of Information Act Amendments To The Securities And Exchange Act, Investment Company Act And Investment Advisers Act Of 2010”

“I commend the House of Representatives for promptly following the Senate’s action, and passing legislation to repeal exemptions to the Freedom of Information Act (FOIA) for the Securities and Exchange Commission (SEC) that were enacted in the Wall Street reform bill.  This new law will ensure that the Freedom of Information Act (FOIA) remains an effective tool to provide public access to information about the stability of our financial markets. 

“The Freedom of Information Act has long recognized the need to balance the government’s legitimate interest in protecting confidential business records, trade secrets and other sensitive information from public disclosure, and preserving the public’s right to know.   To accomplish this, care must always be taken to ensure that exemptions to FOIA’s disclosure requirements are narrowly and properly applied.  The bill passed by the House today accomplishes this important goal.

“I commend the Congress for working in a bipartisan manner to eliminate these overly broad FOIA exemptions.”

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[Senator Leahy is the author of S. 3717.  The legislation is cosponsored by Senators Chuck Grassley (R-Iowa), John Cornyn (R-Texas), and Ted Kaufman (D-Del.).  The bill was unanimously passed by the Senate on Tuesday, Sept. 21., and will now be sent to the President to be signed into law.]

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