Dodd-Frank offshoot cited as too secretive

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Even though the panel meets nearly once a month, internal FSOC rules require that only two meeting per year be public. The panel held three open meetings in 2011 and four in 2012.

The low profile, according to the panel, is needed to protect market-sensitive information and avoid compromising the council’s mission.

Since the GAO report in September, FSOC redesigned its website to improve access to documents and reports and to allow users to receive updates when new content is added. Minutes of private meetings are posted and generally state what issues were discussed, but the back-and-forth debate over issues is still left out.

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