Congressman Ron Paul yesterday introduced the SEC Transparency Act of 2010, a bill designed to force greater transparency in the Securities and Exchange Commission.
Recent news reports have publicized a little-noticed provision in the recently-passed financial reform package that the Securities and Exchange Commission has used to deny requests for information under the Freedom of Information Act.
Paul’s bill would repeal the provision in the newly-passed legislation the SEC has used to deny FOIA requests.
“It is unfortunate, yet not unexpected, that legislation touted as fixing problems with the banking system actually makes them worse and provides more cover and power for organizations that failed us like the SEC and the Fed,” Paul said in introducing the bill. “I expect in the coming weeks and months that many more harmful provisions like this will come to light and it will take quite a bit of work to undo the damage from this massive and misguided legislation.”
Paul’s congressional district includes portions of Fort Bend County and much of Cinco Ranch.
