According to Fox reporter Eleanor Terrett, the American Securities Association (ASA) sued the U.S. Securities and Exchange Commission (SEC) for "lack of transparency," accusing it of failing to respond to Freedom of Information Act (FOIA) requests in enforcement actions. According to ASA, the SEC began investigating the "off-channel" communications of certain brokerages in the fall of 2021, and eventually fined several companies billions of dollars. ASA believes that the SEC lacks transparency in the calculation and decision-making process of fines, and asked the court to order the SEC to provide relevant documents.