SEC Exempt from FOIA?

Fox Business Network is reporting that the financial regulation overhaul recently passed by Congress will exempt the U.S. Securities and Exchange Commission from mandatory compliance with requests for information by the public, including Freedom of Information Act requests. FBN pointed to their experience in a recent lawsuit against the SEC in which their request for documents regarding Bernie Madoff and Allen Stanford was denied with this provision.

According to the report, “In a FOIA action suit filed by FOX Business Network, the SEC cited Tuesday a provision under the new financial regulation legislation that it no longer has to comply with requests for information releases from the public. The law exempts the SEC from disclosing records or information derived from "surveillance, risk assessments, or other regulatory and oversight activities."

FBN later added, “The provision covers almost every action by the agency, lawyers say. Congress and federal agencies can request information, but the public cannot.”