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News Organizations Ask U.S. to Reconsider Data-Lockup Changes

  • Attorneys for Bloomberg News, Reuters, others send letter
  • News organizations say changes violate law, freedom of press
The U.S. Department of Labor building is seen in Washington, D.C.
The U.S. Department of Labor building is seen in Washington, D.C.Photographer: Alastair Pike/AFP via Getty Images

Attorneys for Bloomberg News and four other media organizations asked the U.S. Department of Labor to withdraw its plan to restrict journalists’ early access to major economic reports, saying the ban on using computers would benefit high-frequency traders and violate First Amendment press protections.

The plan “is very likely to have the opposite of the intended effect and have a material negative effect on the public in the form of less timely reporting and analysis,” according to the letter Tuesday from attorneys Christine Walz and Jennifer Mansfield of the firm Holland & Knight. “It could materially increase the risk of market disruption through misinformation and would favor those in the market who would rather not see information disseminated as fast as possible to the largest number of interested consumers.”