Grassley on Status of SEC Response on Referrals Regarding SAC Capital

In his May 24 letter to the Securities and Exchange Commission, Sen. Chuck Grassley of Iowa asked for a response by today's date, June 7, to his request for a written explanation of how the agency has handled referrals from the Financial Industry Regulatory Authority regarding the firm SAC Capital. Grassley is interested in whether the agency is properly policing and regulating the financial markets on behalf of pension holders with investments in securities and other investors. Grassley made the following comment on the status.

"SEC officials contacted my office to let us know they're working on a response to my May 24 letter. The SEC officials said they need time to be sure they are allowed to share the information I requested. I'm willing to give enough time to allow for a comprehensive response. However, I do expect a response within a reasonable amount of time. If the information isn't forthcoming, I want credible evidence that withholding the materials actually would impede an active investigation. Otherwise, if the SEC isn't taking action, there's no reason for the agency to withhold the information."

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