A bill to amend the Securities Exchange Act of 1934, the Investment Company Act of 1940, and the Investment Advisers Act of 1940 to provide for certain disclosures under section 552 of title 5, United States Code, (commonly referred to as the Freedom of Information Act), and for other purposes.
Public Law 111-257 · S. 3717 · 111th Congress · began in the Senate
Signed by Barack Obama (D) on Oct 5, 2010 · Finance and Financial Sector
Sponsor: Sen. Patrick Leahy (D-VT)
Cosponsors (3): Sen. Chuck Grassley, Sen. John Cornyn,
Passage votes
- HouseVoice vote
- SenateUnanimous consent
Data notes
The final version of the law, as each chamber passed it. A chamber that passed it by voice vote or unanimous consent has no count. “Method not stated” means the record does not say how the chamber voted. Where the record has a member-by-member vote, the “Who voted for it” section shows who voted yea.
Summary
The Congressional Research Service’s plain-language summary of what the law does.
Amends the Securities Exchange Act of 1934 to repeal the prohibition of the Dodd-Frank Wall Street Reform and Consumer Protection Act against compelling the Securities and Exchange Commission (SEC) to disclose records or information obtained from registered persons pursuant to its regulatory or oversight activities.
Declares that for purposes of the Freedom of Information Act (FOIA): (1) the SEC is an agency responsible for the regulation or supervision of financial institutions; and (2) any entity for which the SEC is the responsible regulator, supervisor, or examiner under such Act is a financial institution. (Thus retains the general exemption from FOIA of matters contained in or related to examination, operating, or condition reports prepared by, on behalf of, or for the use of the SEC and any other agency responsible for the regulation or supervision of financial institutions.)
Amends the Investment Company Act and the Investment Advisers Act to repeal similar prohibitions against compelling the SEC to disclose records or information provided to it by a registered investment company or investment adviser, or an underwriter, broker, dealer, or investment adviser that is a majority-owned subsidiary of such a company, for SEC use in furtherance of certain purposes, including surveillance, risk assessments, or other regulatory and oversight activities.
Committees
The committees the bill was sent to, and what each did with it.
Data notes
A committee links to its page only where it exists in the current Congress; older and renamed committees are named without a link.
Related bills
1 bill the Library of Congress relates to this one.
H.R. 6086Identical bill
To amend the Securities Exchange Act of 1934, the Investment Company Act of 1940, and the Investment Advisers Act of 1940 to provide for certain disclosures under section 552 of title 5, United States Code, (commonly re…
Data notes
Related bills are identified by the Congressional Research Service, the House and the Senate: companion and identical bills, bills with similar text, bills that were folded into this law, and rules that brought it to the floor. A bill that is itself a public law in this site’s data links here; the others link to Congress.gov.
Timeline
From introduction to signing, newest first: the committees, the floor and the president. 19 actions.
- Oct 5, 2010Became lawBecame law · Became Public Law No: 111-257.
- Became lawBecame law · Signed by President.
- Sep 24, 2010FloorFloor · Presented to President.
- Sep 23, 2010FloorFloor · Motion to reconsider laid on the table Agreed to without objection.
- FloorFloor · On motion to suspend the rules and pass the bill Agreed to by voice vote.
- FloorFloor · DEBATE - The House proceeded with forty minutes of debate on S. 3717.
- FloorFloor · Considered under suspension of the rules.
- FloorFloor · Mr. Frank (MA) moved to suspend the rules and pass the bill.
- OtherOther · Cleared for White House.
- Sep 22, 2010FloorFloor · Held at the desk.
- FloorFloor · Received in the House.
- FloorFloor · Message on Senate action sent to the House.
- Sep 21, 2010FloorFloor · Passed Senate without amendment by Unanimous Consent.
- Sep 16, 2010CalendarCalendar · Placed on Senate Legislative Calendar under General Orders. Calendar No. 567.
- CommitteeCommittee · Committee on the Judiciary. Reported by Senator Leahy without amendment. Without written report.
- CommitteeCommittee · Committee on the Judiciary. Ordered to be reported without amendment favorably.
- Aug 5, 2010CommitteeCommittee · Read twice and referred to the Committee on the Judiciary.
- CommitteeCommittee · Sponsor introductory remarks on measure. (CR S6889, S6889-6890)
- IntroducedIntroduced · Introduced in Senate
Data notes
Every action the Library of Congress lists for the bill, from introduction to signing, plus the dated committee hearings. The source lists many steps twice (the chamber’s own entry and the Library of Congress copy, or a presidential and a became-law entry with the same words); those are shown once. Amendments are listed in their own section.
Amendments
No amendments to this bill are on record.
Data notes
Amendments offered to this bill in either chamber, as the Library of Congress records them: each with a status read from its last recorded step: agreed to, rejected, withdrawn, ruled out of order, fell with another amendment, or offered with no vote recorded (most Senate amendments are only ever offered). The wording of each amendment is the source’s. Amendments to amendments and amendments to other bills are not listed.
Official record
The bill’s full text is on Congress.gov. Data through Oct 7, 2026.