The Washington Post has this on the Securities and Exchange Commission's (SEC) destruction of records of preliminary investigation as soon as they find that a full investigation are not needed. The story looks at other law enforcement agencies and finds that they keep them from as little as three years to as long as forever. I am quoted in the story.
The SEC seems to always be up to something when it comes to record issues be it record keeping or access to records. Last year, they were able to insert language into the financial reform law that gave them a broad statutory exemption for their records. Once it was uncovered, Congress removed language from the bill. Congress really needs to have a hearing on who at the SEC is advising the agency on these types of issues and determine if a personnel change is needed.
Update: An unknown commenter known as Exemption 10 points out what he or she considers inaccurate comments I make above. It would be nice to know who Exemption 10 is. Anyway, I feel it is important to point out a few matters. First, this is my blog and under the First Amendment I can pretty much write my opinion -- unless I libel or defame someone. Second, while Exemption 10 is correct that Congress passes the laws and Congressman should read the laws they are passing, it is pretty much standard operating procedure that reading every word of every bill before it passes just doesn't happen (I'm not debating whether its right or wrong, it just doesn't happen). Even if it does happen, it is unlikely that most people in Congress (and the world at large for that matter understand FOIA-speak). So what the SEC was able to do in 2010 was, with the assistance of some in Congress, was insert language that was very friendly to the agency. In the rush to get the bill through, it went unnoticed until later when it was repealed -- again Exemption 10 -- that is my opinion. Finally, Exemption 10 tells my readers that I litigate against agencies. That is indeed true. But, I also work with agencies and FOIA personnel on a number of matters, in litigation, in administrative matters and on issues involved in strengthening the FOIA. In my previous life I worked in FOIA in the government and have made many friendships with people working in the FOIA world.