Financial regulators and the banking industry are raising concerns about bipartisan legislation that would expand the public's access to government documents, according to lawmakers.
Members of Congress have sought to clarify that their proposals to update the Freedom of Information Act (FOIA) would not erode protections that prevent the public from obtaining sensitive banking information that regulators see as part of their supervision of the financial sector.
And while regulators and the banking industry have remained publicly silent, lawmakers are echoing their private warnings. Before the House Oversight Committee approved a reform bill last week, Rep. Carolyn Maloney (D-N.Y.) unsuccessfully attempted to attach a clarifying provision to the legislation. Continue>>>