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Congress Repeals SEC Secrecy Provision in Dodd-Frank

September 23, 2010 

 

The House voted today to strike language from Section 929I of the Dodd-Frank Wall Street Reform and Consumer Protection Act that had provided the Securities and Exchange Commission (SEC) with sweeping new powers to hide its records from public scrutiny. The House’s passage of S. 3717 comes just one day after the Senate voted unanimously to pass the bill, and is the first legislative correction to the new financial regulatory overhaul law.
 
“This is a big win for open government and accountability. It is especially a victory for defrauded investors, the media, and whistleblowers. The bipartisan support for S. 3717 sends a clear message that Congress never intended to give the SEC such broad authority to keep its records under a veil of secrecy,” said POGO Executive Director Danielle Brian. “With the support of Representative Barney Frank, D-Mass., the House took swift and decisive action to ensure that the SEC does not further shield itself from accountability. POGO calls on President Obama to sign S. 3717 into law without delay.”
 
Please see POGO’s blog for additional background information on S. 3717 and our recommendations for making the SEC more open and accountable.


Founded in 1981, the Project On Government Oversight (POGO) is a nonpartisan independent watchdog that champions good government reforms. POGO's investigations into corruption, misconduct, and conflicts of interest achieve a more effective, accountable, open, and ethical federal government.

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