A recent report from Probes Reporter highlights serious issues regarding the Securities and Exchange Commission’s (SEC) ongoing practice of systematically and intentionally failing to follow the legal requirements of the Freedom of Information Act.
The report was filed with the House Committee on Oversight & Government Reform earlier this week, and highlights how the SEC’s willful failures to comply with FOIA make a mockery of the SEC’s supposed role as an “investor’s advocate”.
Details on new report on SEC from Probes Reporter
The report is titled A Failure of Transparency: The Securities and Exchange Commission and a Pattern and Practice of FOIA Violation and details the methods by which the SEC intentionally hides important information regarding investigations of publicly traded companies under its purview. The report highlights:
- “The SEC’s refusal to disclose “Case Closing Recommendations,” which are government documents that summarize why an SEC investigation was opened, the investigator’s factual findings and the conclusions reached.
- Repeatedly making false or incomplete statements regarding the existence of documents related to SEC investigations.
- Blatant disregard for the President’s instruction to federal agencies to disclose documents that are within the agency’s discretion to do so.”
