Although the Securities and Exchange Commission revealed the findings of two studies it commissioned into the cost and benefit of the proposed independent chairman rule late last year, the U.S. Chamber of Commerce sought access to the complete report, including any records supporting the decision to undertake the studies in the first place. But the SEC has decided not to share the information with the U.S. Chamber, The Wall Street Journal reports. The Chamber is appealing the decision.

An SEC staff member issued a letter to the U.S. Chamber saying the records “are protected from disclosure by the deliberative process privilege. This privilege was designed to encourage open, frank discussion on matters of policy between subordinates and superiors.”

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