If Democrats passed a financial "reform" bill, why is Ron Paul

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introducing legislation to close SEC loophole? How many more revelations about this pseudo reform bill are going to come to light? In it's current form, this bill actually gives the SEC even more cover than they had before (you know, the same SEC that didn't exactly do it's job leading up to the financial crises).....WTF?
Also, is anybody really surprised considering the two main authors were Barney "Fannie and Freddie are financially sound" Frank and Chris "I am corrupt" Dodd wrote the bill?

http://www.fortbendnow.com/2010/07/30/47080

Congressman Ron Paul yesterday introduced the SEC Transparency Act of 2010, a bill designed to force greater transparency in the Securities and Exchange Commission.

Recent news reports have publicized a little-noticed provision in the recently-passed financial reform package that the Securities and Exchange Commission has used to deny requests for information under the Freedom of Information Act.

Paul’s bill would repeal the provision in the newly-passed legislation the SEC has used to deny FOIA requests.

“It is unfortunate, yet not unexpected, that legislation touted as fixing problems with the banking system actually makes them worse and provides more cover and power for organizations that failed us like the SEC and the Fed,â€￾ Paul said in introducing the bill. “I expect in the coming weeks and months that many more harmful provisions like this will come to light and it will take quite a bit of work to undo the damage from this massive and misguided legislation.â€￾

http://news.yahoo.com/s/yblog_upshot/20100730/bs_yblog_upshot/did-the-sec-just-exempt-itself-from-the-freedom-of-information-act

In a speech a few days ago hailing passage of financial regulatory reform, Securities and Exchange Commission chairwoman Mary Schapiro said the bill "brings greater public transparency and market accountability to the financial system." That's largely true, except for one little provision that could potentially exempt a huge portion of the SEC's paper trail from the Freedom of Information Act, the most important governmental tool for transparency we have.

As Fox Business' Dunstan Prial first reported on Wednesday, the Dodd-Frank bill, which is now law, contains a section declaring that the SEC "shall not be compelled to disclose records or information obtained" in pursuit of its "surveillance, risk assessments, or other regulatory and oversight activities." It goes on to specifically exempt those records from the Freedom of Information Act. There's considerable debate online right now over what that exemption precisely means, but it could potentially have opened a bus-sized hole in the FOIA as far as the SEC is concerned. And would-be watchdogs of the financial sector's leading watchdog have only noticed the provision now, when Congress has already passed the law.