It will finally bring transparency to the kinds of complex and risky transactions that helped trigger the financial crisis.
Really? Then what’s up with this?
So much for transparency.
Under a little-noticed provision of the recently passed financial-reform legislation, the Securities and Exchange Commission no longer has to comply with virtually all requests for information releases from the public, including those filed under the Freedom of Information Act.
That’s from FOX Business. The article goes on to describe the potential ramifications:
If the SEC’s interpretation stands, Mintz, who represents FOX Business Network, predicted “the next time there is a Bernie Madoff failure the American public will not be able to obtain the SEC documents that describe the failure,” referring to the shamed broker whose Ponzi scheme cost investors billions.
The President campaigned on bringing transparency back to government, but has created a situation under the new law that allows the government to take over businesses and shut them down if they feel like it, yet the public and the press can’t ask any questions. Government is accountable to no one but itself. How do you think that’s going to work out?
We desperately need new leadership in Washington. That means electing representatives this November who still care about constitutional checks-and-balances, more than their own party and power, and are committed to repealing liberty-killing bills like ObamaCare and Financial Reform.
And now to my liberal friends who supported these bills, I ask you this: What happens if by 2012 the Republicans have retaken control of Congress and Sara Palin (or Newt Gingrich, or Mitt Romney, or Mike Huckabee, etc.) has been elected President? Are you comfortable with them having massive power over the health care and financial industries with no transparency or accountability?
I’m not either.