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Senate Patches the SEC FOIA Loophole

September 22, 2010 - by Donny Shaw

About a week after the Dodd-Frank financial reform bill was signed into law, government transparency watchdogs found a heinous provision in the bill that seemed to allow the Securities and Exchange Commission (SEC) to deny Freedom of Information (FOIA) requests for information pertaining to an "examination, surveillance, or risk assessment” of banks and other financial comapnies. A group of groups wrote to the bills' sponsors, Sen. Chris Dodd [D, CT] and Rep. Barney Frank [D, MA-4], saying that the provision was "undermining the bill’s overarching goals of more transparency and accountability" and asking that they pass another bill to remove it.

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