Senate Moves to Close SEC FOIA Loophole


Yesterday the Senate unanimously voted to close a loophole that may have allowed the SEC to disregard certain FOIA requests. The loophole was uncovered only after the Dodd-Frank financial regulatory bill was enacted in July.

Many organizations took issue with the SEC FOIA exemption, prompting letters from the Project on Government Oversight on August 3 and on August 10. The Sunlight Foundation endorsed both letters, as did many others.

The measure enacted in the Senate, S. 3717, was the subject of a hearing by the Senate Judiciary Committee on September 16. Companion legislation, H.R. 6086, was referred to the House Committee on Oversight and Government Reform. The measure enjoys bipartisan support, although time is running out for the House to act before the mid-term elections.