SEC Transparency Act of 2010

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On July 29, 2010 Congressman Ron Paul 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.”

The bill is displayed below:

SEC Transparency Act of 2010

HR 5970 IH

111th CONGRESS

2d Session

H. R. 5970

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.

IN THE HOUSE OF REPRESENTATIVES

July 29, 2010

Mr. PAUL introduced the following bill; which was referred to the Committee on Financial Services


A BILL

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.

    Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

This Act may be cited as the `SEC Transparency Act of 2010′.

SEC. 2. REPEAL OF SECTION 929I OF THE DODD-FRANK WALL STREET REFORM AND CONSUMER PROTECTION ACT.

    (a) Securities Exchange Act of 1934- Section 24 of the Securities Exchange Act of 1934 (15 U.S.C. 78x) is amended–
      (1) in subsection (d), by striking `subsection (f)’ and inserting `subsection (e)’;
      (2) by striking subsection (e); and
      (3) by redesignating subsection (f) as subsection (e).
    (b) Investment Company Act of 1940- Section 31 of the Investment Company Act of 1940 (15 U.S.C. 80a-30) is amended–
      (1) by redesignating subsections (d) and (e) as subsections (e) and (f), respectively; and
      (2) by striking subsection (c) and inserting after subsection (b) the following:

    `(c) Limitations on Disclosure by Commission- Notwithstanding any other provision of law, the Commission shall not be compelled to disclose any internal compliance or audit records, or information contained therein, provided to the Commission under this section. Nothing in this subsection shall authorize the Commission to withhold information from Congress or prevent the Commission from complying with a request for information from any other Federal department or agency requesting the information for purposes within the scope of the jurisdiction of that department or agency, or complying with an order of a court of the United States in an action brought by the United States or the Commission. For purposes of section 552 of title 5, this section shall be considered a statute described in subsection (b)(3)(B) of such section 552.

    `(d) Definitions- For purposes of this section–

      `(1) the term `internal compliance policies and procedures’ means policies and procedures designed by subject persons to promote compliance with the Federal securities laws; and
      `(2) the term `internal compliance and audit record’ means any record prepared by a subject person in accordance with internal compliance policies and procedures.’.
    (c) Investment Advisers Act of 1940- Section 210 of the Investment Advisers Act of 1940 (15 U.S.C. 80b-10) is amended by striking subsection (d).

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