SEC Says New Financial Regulation Law Exempts it From Public Disclosure

So much for transparency.

Under a little-noticed provision of the recently passed financial-reform legislation, the Securities and Exchange Commission
no longer has to comply with virtually all requests for information releases from the public, including those filed under the Freedom of Information Act.

The law, signed last week by President Obama, exempts the SEC from disclosing records or information derived from "surveillance, risk assessments, or other regulatory and oversight activities." Given that the SEC is a regulatory body, the provision covers almost every action by the agency, lawyers say. Congress and federal agencies can request information, but the public cannot.

More here...

Nice...

This has been the SEC's plan all along. Now it will be free to crony up to the firms it likes, and punish those that it does not.

i knew they were going to stick some new loopholes into it....

Whoever replaces O'Bam-Bam has a LOT of cleaning up to do.

+1