Boozman Cosponsors Bill to Close SEC FOIA Loophole

Press Release

The financial regulatory reform bill recently signed by President Obama exempts the Security and Exchange Commission from complying with the Freedom of Information Act. Members of Congress are working to fix this blatant error.

Lawmakers in the Senate and the House of Representatives introduced legislation to eliminate the FOIA exemption. House Financial Services Committee Chairman Barney Frank announced the committee would hold a hearing next month to hear concerns about the provision in the law.

"This is very troubling and yet another example of Congress passing and the President signing legislation into law without reading or fully understanding what is in it. For a bill that was touted as transparent and consumer friendly, exempting the SEC from FOIA requests, does the exact opposite," Congressman John Boozman said.

Boozman is a cosponsor of H.R. 5924, the SEC Freedom of Information Restoration Act that would eliminate the FOIA exemption.

"It doesn't make sense to allow a federal agency with jurisdiction over the issues that contributed to the financial meltdown protection from a law that is intended to make it more accountable and transparent to taxpayers," Boozman said.

Boozman opposed the final version of the financial regulatory reform bill because it creates permanent bailouts, rewards failed regulators, makes it more difficult for consumers to access credit and fails to address problems with Fannie Mae and Freddie Mac, which played a central role in causing the turmoil that devastated our economy.

Source