By Charlie Gasparino,| FOXBusiness
Congressional Republicans are now ramping up their criticism of the secrecy surrounding another government agency, the Federal Reserve, which under the new financial regulatory overhaul gains vast new powers to regulate Wall Street firms and banks, yet receives minimal oversight, FOX Business Network has learned.
The new initiative, spearheaded by Congressman Spencer Bachus, a ranking member of the House Banking Committee, comes after a FOX Business report detailed how the Securities and Exchange Commission, which polices the securities markets for wrongdoing, can now withhold more information from the public through new exemptions to the federal Freedom of Information Act created during the financial reform legislation that was recently signed into law by President Obama.
The SEC says it still must comply with most aspects of the FOIA. (more)
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