Rep. Darrell Issa Tells Fox Business That He Will Have "100% Success" With Changing The FOIA Provision In The Financial Regulation Bill

Rep. Darrell Issa (R-CA) spoke to FOX Business Network’s (FBN) Stuart Varney about his proposed bill to return the financial regulatory legislation back to the “status quo” under the Freedom of Information Act (FOIA) and remarked that “if the SEC says there is no change, they should not object to this bill.” Highlights of the interview can be found below courtesy of Fox Business News. On the SEC’s defense of the law: “I’m sorry, but they told us there was no problem with Bernie Madoff effectively for decades. It’s clear the SEC has problems. Transparency is part of how you fix problems at agencies as you make them accountable to people who see problems before they recognize them. It’s one of the reasons we’re going to drop this bill and we are going to push hard to get us at least back to where we were before this law. If the SEC says there is no change, they should not object to this bill.” On his chances for success with changing the law: “I happen to believe it’s 100 percent.” On his plans for the bill: “We’re going to drop a bill with a lot of co-sponsors. It’s only a few lines, straight forward --return the status quo where the SEC, with good cause, can say no to FOIA requests but not with no cause.” On the Obama Administration’s claim for increased transparency not being showcased in this financial regulation provision: “Here in Washington, it’s not Republicans against Democrats, House against Senate, it’s all of us against the bureaucracy. We fund the bureaucracy and then ultimately it doesn’t want to be accountable, it just wants more money. It’s got so much money; it corrupts the process back again. We need to make very clear that the public is part of our team in taking out the bureaucracy.”