That seems like a ridiculous statement, but its not without substance. Obama just signed into law the Financial Reform Bill. This bill was touted as being a showcase for government transparency. EXCEPT for one little known provision. (Lordy these people who pass these bills DO NOT read them!!), which exempts the SEC from disclosing any information to the public through the Freedom of Information Act (FOIC).

The Security & Exchange Commission (SEC) was recently investigated because a number of its employees spent a lot of time watching pornography during their work hours (citizens are paying for their perverse needs) and using government computers to access porn.

The effect of this new Financial Regulatory Reform bill means that the public would never know or could not even investigate or ask questions of the SEC under the FOIC. So how could the public ever know about any abuses (like watching porno) conducted by this regulatory body.

Here’s what we know about this provision:  Since the SEC is a regulatory body, (the provision covers almost every action by the agency (I guess that includes employees watching pornography – italics my emphasis)), the law exempts the SEC from disclosing records or information derived from “surveillance, risk assessments, or other regulatory and oversight activities.” Congress and federal agencies can request information, but the public is forbidden to request information through the FOIC.

Because of FOIC investigation, it was discovered:

• Through a request from Fox that the SEC had investigated Madoff and R. Allen Stanford, but the SEC failed to follow through on prosecution to save investors.
• Through FOIA Fox got records showing that the Fed knew AIG execs would get their bonuses under the bailout legislation proposed by Congress.
• SEC whistleblower Gary Aguirre forced the SEC to release documents through FOIA requests that showed he was correct in accusing the agency of interfering in an investigation of Pequot Asset Management, and allowed him to get a settlement for wrongful determination.

Click here for an article by hotair.com.

Now that Obama has signed the Financial Regulation “Reform” bill into law … the public has NO right to (how about checks and balances) investigate any perceived abuses of a federal regulatory agency … THIS IS A BLATANT ABUSE OF FEDERAL POWER!!!