Edolphus Towns: “I rise in strong support of S. 3717, a bill to improve transparency at the Securities and Exchange Commission. I…”

“I rise in strong support of S. 3717, a bill to improve transparency at the Securities and Exchange Commission. I introduced a companion bill, H.R. 6086, on August 10, 2010. The landmark Dodd-Frank Wall Street Reform and Consumer Protection Act made significant improvements to the accountability and transparency of our Nation's financial system. But the Dodd-Frank Act includes a secrecy provision that I believe undermines the purposes of the act. This provision allows the SEC to avoid disclosing virtually any information it obtains under its examination authority. S. 3717 repeals that provision. This legislation strikes a careful balance to address concerns raised by the SEC without compromising the goals of transparency and accountability that are at the heart of the Dodd-Frank Act. In a letter supporting this legislation, a coalition of over 30 public interest organizations wrote that 'this bill sends a clear message that public access is vital to accountability.' I urge my colleagues to support this legislation.”