By Matt Hawes

Before the House adjourned for its August recess late last week, Congressman Ron Paul introduced H.R. 5970, the SEC Transparency Act of 2010, which repeals a provision in the recent Dodd-Frank financial reform bill that the SEC has used to deny Freedom of Information Act (FOIA) requests.

From his press release:

"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. 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," stated Congressman Paul.

Read the entire bill. (Again a one page piece of legislation.)  Watch Dr. Paul's recent interview on Fox Business about this topic here.

Let's see how serious the White House and congressional leadership are about transparency now.  (I think Audit the Fed revealed all we need to know about that.)  Click here for more on the provision allowing the SEC to dodge FOIA.

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