Washington, DC – U.S. Senator Ben Cardin (D-MD), one of the authors of the Cardin-Lugar transparency provisions in Dodd-Frank, responded to the District Court ruling that instructed the Securities and Exchange Commission (SEC) to redraft rules for the law’s implementation. Senator Cardin was among the senators who filed an amicus curiae in support of the SEC.
“I am disappointed with the District Court ruling. The U.S. has been at the forefront of the transparency fight and this decision will delay implementation of vital transparency rules that would shine much needed sunlight on information designed to protect investors and promote U.S. energy security. Congress was clear in the letter and the spirit of the law that this information should be in the public domain.”