Ron Paul Introduces SEC Transparency Act

Congressman Ron Paul yesterday introduced the SEC Transparency Act of 2010 (HR 5970), a bill designed to force greater transparency in the Securities and Exchange Commission. The bill is designed to repeal the amendments made by section 929I of the Dodd-Frank Wall Street Reform and Consumer Protection Act relating to the confidentiality of materials submitted to the Securities and Exchange Commission.

Recent news reports have publicized the little-noticed provision in the recently-passed financial reform package that the Securities and Exchange Commission has used to deny requests for information under the Freedom of Information Act. Paul’s bill would repeal the provision in the newly-passed legislation the SEC has used to deny FOIA requests.

“It is unfortunate, yet not unexpected, that legislation touted as fixing problems with the banking system actually makes them worse and provides more cover and power for organizations that failed us like the SEC and the Fed,” Paul said in introducing the bill. “I expect in the coming weeks and months that many more harmful provisions like this will come to light and it will take quite a bit of work to undo the damage from this massive and misguided legislation.”


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  • loyd

    keep shining your light on the dark deeds of the almost completely bought off congress. hopefully the few freshmen on the banking commitee that has grilled bernanke and geithner, will pick up the baton of liberty from dr.paul and continue the push for is up to us to get rid of the old establishment and bring in new red blooded constitutional Americans to once again chain down the government that has become the usurpers of our liberty, instead of the people wearing those chains.

  • Rofonzo

    I only see one politician in all of Congress looking out for anybody’s wellbeing and it is Ron Paul. I wish my home state (Minnesota) had politicians like him. Instead we have a bunch of communist socialists who like to hand out money. And that is on both sides of the aisle!

    • A fellow MN neighbor and yes, I concur with your recap of our “representatives”. I am not sure about the communist socialists reference as I believe you are too kind as you afford them an identity.

      To date, I still receive the canned email responses to my comments raised to Amy, Al and Keith. Michele Bachmann is not our specific “representative” however I should send an email as I can only imagine the “collector” value of her response.

      This will prove to be an interesting November Rofonzo!

    • Blah

      You’re complaining that your home state of Minnesota doesn’t have quality politicians? Seriously? Clearly you have either never heard of Al Franken, or are mentally deficient.

      Also, socialism is not a bad word. Just because something is socialistic in nature does not mean it is evil or a bad idea.

  • luke

    I like Ron Paul. Did he author this piece of legislation? If not, who did? And if not, has he read it? I’m tired of politicians having no idea what is contained in the items for which they cast their votes.

    • We understand that you have doubts, but RP is the real deal.

    • Check in with your elected “representative” and ask if they read the financial reform bill (2,300 pages) and specifically the clauses that afforded the SEC partial exemption from the Freedom of Information and the clause backdating the FDIC insurance limit of $250,000 to 1/1/2008.

      The $100,000 FDIC limit had been in place since 1980 and yet congress gives a thumbs up to backdate the limit that was changed in October of 2008 to $250,000 and backdate it to 11/2008! How is this deemed financial reform???

      Would love to hear about your responses as this will so be Saturday Night Live material.

  • mark

    ron paul is a shining star infront of all the others he does what he needs to do for WE THE PEOPLE and gives us hope and liberty he a modern day founding father