Comment Of Senator Patrick Leahy On New SEC Guidance Interpreting The FOIA Exemptions In Wall Street Reform Bill

“While I commend the Commission for taking steps this week to clarify how it will interpret these new FOIA exemptions, I remain troubled by the Commission’s attempts in recent weeks to retroactively apply these exemptions to pending FOIA matters, and by the Commission’s past statements that these exemptions would shield all examination information from public scrutiny. Given the great need to restore transparency and public confidence in our financial system, I believe that corrective legislation is needed to eliminate these overly broad FOIA exemptions.”

At a business meeting scheduled for Thursday, Sept. 16, the Senate Judiciary Committee will consider bipartisan legislation sponsored by Senator Leahy to repeal the FOIA exemptions included in the Wall Street reform law.


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