Openness is Inoperative
Last week, HR 4173, the Dodd-Frank Wall Street Reform and Consumer Protection Act, was proudly signed by the President.
… Senator Christopher Dodd (D-Conn.), chairman of the Senate Banking Committee, conceded “No one will know until this is actually in place how it works.”
… This week, we learn that subsection 929I of the new law effectively exempts many Securities and Exchange Commission records from disclosure under the Freedom of Information Act.
Regarding this law in particular, President Obama claimed it would “increase transparency” in the financial sector.