So much for transparency.

The Frank-Dodd Bill, designed ostensibly to clean up Wall Street, has been met with something of a muted reaction. This is no doubt in part due to the fact that the public, for the most part, never really grasped what the core problem was to begin with, so they have no idea whether or not Frank-Dodd fixed it, whatever “it” was, even if they understood what the bill did in the first place.

But at least that last part may change in one significant way, and most definitely not in a way that will please people.

According to a story from Fox Business News, the the Frank-Dodd bill had in it a “little-noticed” provision that exempted the SEC from the disclosure laws regarding nearly any of its core activities.

Had this exemption been in place last year, we might never have learned of the repetitive history of failures on the SEC’s part to investigate now high-profile cases such as those involving Bernie Madoff and Allen Stanford.

The excellent story by Dunstan Prial linked and quoted above provides more details.