Did Congress just exempt the SEC from FOIA?

from The Project on Government Oversight:

Like many others, we were outraged to learn yesterday that a provision buried in the financial reform bill may allow the Securities and Exchange Commission (SEC) to ignore a vast array of Freedom of Information Act (FOIA) requests. But there is still widespread disagreement over the intent of this provision, and questions remain as to how it will be interpreted and applied.

In the meantime, Politico reports that House Oversight and Government Committee Ranking Member Darrell Issa (R-CA) will be introducing legislation later today to repeal Section 929I...

....

We just took another look at the bill, and found this and another troubling provision that could potentially provide the SEC with broad FOIA exemptions. Section 404 also makes any information, reports, documents, or records provided by investment advisers of private funds to the SEC and the Financial Stability Oversight Council non-public.

Read the rest here.