Handing over the information does not waive privilege or a records exemption
What the document says“``(I) waiving, destroying, or otherwise affecting any privilege applicable to the information; or ``(II) waiving any exemption applicable to the information under section 552 of title 5, United States Code (commonly known as the `Freedom of Information Act').”
The section provides that a federal banking agency giving information under the new paragraph does not thereby waive, destroy, or affect any privilege applying to it, or waive any exemption under the Freedom of Information Act. Privilege here covers work-product, attorney-client, and any other privilege recognized under federal or State law.
What the document actually says“``(I) waiving, destroying, or otherwise affecting any privilege applicable to the information; or ``(II) waiving any exemption applicable to the information under section 552 of title 5, United States Code (commonly known as the `Freedom of Information Act').”
Handing over the papers does not give up any legal shield. It does not give up an exemption under the open records law.
Some records are shielded from being used against a party. Sharing them with Congress could break that shield. This says it does not.
No action is recorded against this proposal. That is not evidence that none has been taken, and nobody has yet read it against the record. See what the tracker does not yet cover.