Being a arm of the federal government brings its privileges. SEC lawyers are just saying no to a request by the U.S. Chamber of Commerce's legal team for all documents related studies the SEC used to guide its independent chairman rule. The two sides have been fighting in court over the rule since 2004.

The Wall Street Journal Fund Track column reports that the Chamber asked for "any and all documents," regarding the decision to commmission academic studies around the indy chair rule. That request includes any notes or written records on the matter. The SEC released the studies themselves in December. On February 16 it sent a letter tot he Chamber arguing that the papers "are protected from disclosure by the deliberative process privilege..." that is "... designed to encourage open, frank discussion on matters of policy between subordinates and superiors." 

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