FINALLY…House Votes to Repeal SEC Secrecy Provision in Dodd-Frank
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 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 (more at Project on Government Oversight’s blog here on the repeal). “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.”
(Founded in 1981, the Project On Government Oversight is an independent nonprofit that investigates and exposes corruption and other misconduct in order to achieve a more effective, accountable, open, and ethical federal government).