SEC Says New Financial Regulation Law Exempts it From Public Disclosure

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Well if you don’t think we have an out of control big government, practically a criminal government attempting to cover up anything they’re doing from the public………check this out.

SEC Says New Financial Regulation Law Exempts it From Public Disclosure

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.

The law, signed last week by President Obama, exempts the SEC from disclosing records or information derived from “surveillance, risk assessments, or other regulatory and oversight activities.” Given that the SEC is a regulatory body, the provision covers almost every action by the agency, lawyers say. Congress and federal agencies can request information, but the public cannot.

That argument comes despite the President saying that one of the cornerstones of the sweeping new legislation was more transparent financial markets. Indeed, in touting the new law, Obama specifically said it would “increase transparency in financial dealings.”

Fox Business.com

Cities need a good Bailout…or a lesson in Budgeting…

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I love a good government story, don’t you.  All warm and fuzzy about losing jobs, cutting to the core on necessary services.  Where does it say live within their means?  Where does it say cut the jobs at the top side where it’s so heavy? Where does it say eliminate benefits? Where does it say I guess we’re going to have to buckle down and live like our constituents? It won’t…it never will…until the electorate grows a set and votes fat cats out of government.  I’m tired of hearing “experience”.  What I want to see is plain, ordinary citizens who give a damn about this country to step up and send these “full time” politicians packing, get enough of us in office to set term limits and attempt to fix the cancer that is government.(My comments in Red)…this is from CNN Money:

By Hibah Yousuf, staff reporterJuly 28, 2010: 11:50 AM ET
NEW YORK (CNNMoney.com) — Cash-strapped cities and counties have been cutting jobs to cope with massive budget shortfalls — and that tally could edge up to nearly 500,000 if Congress doesn’t step up to help.

Local governments are looking to eliminate 8.6% of their total full-time equivalent positions by 2012, according to a new survey released Tuesday by the National League of Cities, the National Association of Counties and United States Conference of Mayors.

“Local governments across the country are now facing the combined impact of decreased tax revenues, a falloff in state and federal aid and increased demand for social services, (or welfare as we all know it)” the report said. “In this current climate of fiscal distress, local governments are forced to eliminate both jobs and services.”

The depth of the recession has pushed cities to make reductions in departments that are typically shielded from cuts because they provide core services to residents, including public safety, public works, public health, social services and parks and recreation. (But where do you see cuts in management where the real problem lies?)

In fact, 63% of cities and nearly 40% of counties reported cuts in police and fire safety personnel, the survey showed.

The report called on Congress to pass the Local Jobs for America Act, which would provide $75 billion in federal funds over two years to city and county governments and community-based organizations to save and create jobs. (There you go…let’s get more money and add some more for it to crash again.)

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“Federal investment that helps save local jobs and preserve local services will help stabilize communities across the country and ensure that all of America’s families are able to participate in the economic recovery,” the report said.

But the bill’s fate is uncertain as mounting concerns over the national deficit hinder the passage of new stimulus measures. (You betcha, and why not? You’re asking the people who you berate as semi-intelligent and don’t know how government runs to keep footing the bill.  Eventually, you will understand WHO the tea party really is.) To top of page

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