House Financial Services Committee Chairman Rep. Barney Frank, D-Mass., said Wednesday he plans to hold hearings regarding the provision in the Dodd-Frank Act that could give the Securities and Exchange Commission the power to stop honoring Freedom of Information Act requests.

Frank becomes the latest Congressman to express concerns about the provision following news reports, first by FOX Business, that the provision would allow the SEC to deny a broader array of FOIA requests than before the Dodd-Frank Act became law.

“Given the serious questions that have been raised about the impact this provision could have on access to important information about financial transactions, I will hold a hearing of the Financial Services Committee when Congress returns in September,” said Frank.

The earliest time to hold a meeting is September 23, Frank said.

"This should provide ample time to take corrective legislation action if it is needed," Frank said.

The SEC responded to Frank's announcement by saying it will soon release guidance on how the provision should be implemented.

"We expect to publish Commission guidance regarding the use of this provision shortly. We are committed to full transparency and accountability for agency actions and will work with Congress and other interested parties to make that absolutely clear," said SEC spokesman John Nester.

Frank's endorsement of Congressional hearings on the bill is probably the biggest development when it comes to provision known as 929I. As chairman of the House Financial Services Committee, any alterations to the act that bears his name would have to go through his committee in order to become law.

Other prominent members of Congress have also expressed major concerns with 929I, including Rep. Darrell Issa, R-Calif., and Sen. Patrick Leahy, D-Vt. The SEC has repeatedly said that the 929I provision would be used for enforcement actions only and the agency will continue to honor FOIA requests.