On the recordAugust 5, 2010
today, I am pleased to introduce an important bipartisan bill to ensure that the Freedom of Information Act, FOIA, remains an effective tool to provide public access to critical information about the stability of our financial markets. My bill would amend the Securities and Exchange Act, the Investment Company Act and the Investment Advisers Act to eliminate several broad FOIA exemptions for Security and Exchange Commission records that were recently enacted as part of the Dodd-Frank Wall Street Reform and Consumer Protection Act. I thank Senators Cornyn, Kaufman and Grassley for cosponsoring this important open government bill. I am a proud supporter of the historic Wall Street reform bill that has now become law, because this legislation makes significant strides toward enhancing transparency and accountability in our financial system. But, I am concerned that the FOIA exemptions in Section 929I of that bill, which was originally drafted in the House of Representatives and included in the final law, could be interpreted and implemented by the SEC in a way that undermines this very important goal. The Freedom of Information Act has long been the people's window into their Government, showing where the Government is doing things right, but also where Government can do better.
