August 04, 2010

Frank sets hearing on SEC FOIA flap

Responding to concerns raised by journalists, open-government advocates and lawmakers from both parties, Rep. Barney Frank (D-Mass.) announced Wednesday that he will hold a hearing on language in the recent financial re-regulation bill that gives the Securities and Exchange Commission new exemptions from the Freedom of Information Act.

Frank also went further than he has in the past by describing as "serious" the worries some have expressed that the SEC could use the language to frustrate public oversight of the agency's work.

"Given the serious questions that have been raised about the impact this provision could have on access to important information about financial transactions, I will hold a hearing of the Financial Services Committee when Congress returns in September,” Frank said in a statement. “I will convene the hearing on Sept. 23. This should provide ample time to take corrective legislation action if it is needed.”

Frank said the September date is first practical time for such a hearing on the legislative calendar.