The Department of Labor’s move to restrict how journalists transmit market-sensitive economic data risks disrupting financial markets, Sen. Roy Blunt said.

Meera Louis of Bloomberg News writes, “In a letter to Secretary of Labor Hilda Solis, Blunt, a Missouri Republican, objected to the agency’s plan to have media organizations remove from the department computer software, hardware and communications lines used to transmit news on data such as the unemployment rate and consumer prices.

“‘Given the market-moving impact of these numbers and the largely automated processes of today’s market institutions, even a minor flaw in the timing or accuracy of this data could result in a destructive impact on global markets,’ Blunt wrote in his letter, dated today.

“Reporters in so-called lockups are given data in advance of its release to the public, allowing time to prepare stories using their own hardware, software and data lines. The new system would force journalists, including Bloomberg News reporters, to use government-provided equipment and Internet access, with no guarantee they can send their stories at exactly the same moment.

“‘I am deeply concerned that the new policy proposed by DOL will not only result in the degradation in the quality of information the American people receive on the economy, but also represents a fundamental threat to the media’s First Amendment rights and a disturbing retreat from the government transparency that the Obama administration so often touts,’ Blunt wrote.”

Read more here. Here is a list of the business news media credentialed for the new system, which takes effect July 6.

Andrea Papagianis of the Reporters Committee for Freedom of the Press writes about how the Labor Department has changed its rules for covering its data releases such as the unemployment data.

Papagianis writes, “Charles Glasser, media counsel for Bloomberg News, sent a letter to the department complaining about the new policy.

“‘Make no mistake, these rules that handcuff the financial press does not merely represent an inconvenience to reporters, nor merely present a ‘new learning curve’ for the press to accept. Instead, the new rules represent a very serious threat to the public’s ability to receive critical public information on a fast and accurate basis,’ he wrote in the letter.

“In what the Labor Department claimed is an attempt to control the time-sensitive information, reporters will no longer be allowed to use personal computers and software to write and transmit stories from the press lock-up facility. These new measures are aimed at eliminating and preventing any security vulnerabilities, such as information breaches due to technological advances, according to an agency spokesperson.

“But some media organizations are objecting to the new restrictions.

“‘There are few government reports that have the wide-ranging impact on the market as the Department of Labor statistics, and we are troubled by the degree of government restrictions on how the press can fully and accurately report this data to the public,’ said Matthew Winkler, the editor-in-chief of Bloomberg News, in a statement.”

Read more here.

The U.S. Department of Labor said it can’t assure news organizations they will be able to transmit market-sensitive economic data at exactly the same moment under changes resulting from the first review of procedures in a decade, reports Meera Lewis of Bloomberg News.

Lewis writes, “The agency ordered journalists to remove computer hardware, software and communications lines they currently have installed at the department to transmit news on data such as the jobless rate and consumer prices. Instead, reporters will have to use equipment, software and Internet connections provided by the government.

“‘I’m not going to guarantee anything,’ Carl A. Fillichio, the department’s senior adviser for communications and public affairs in Washington, said on a conference call when asked if every news organization will be assured a connection to the Internet ‘at exactly the same millisecond.’

“Under the current system, credentialed journalists in so-called lockups are given data in advance of their release to the public, allowing time to prepare stories, headlines and tables. Communication by phone or computer is cut off for the half hour that reporters are typically given to write their stories. A Department of Labor employee then flips a switch that opens telephone and data lines, allowing journalists to transmit their stories using their own equipment.

“Bloomberg News is among the organizations that participate. Bloomberg has written to the Department of Labor opposing the changes.”

Read more here.

New Hampshire magazine’s Rick Broussard  interviewed Bloomberg Television anchor Trish Regan for the publication’s April issue.  She talks about joining Bloomberg TV, some highlights on her reporting career and growing up in New Hampshire.

Here are some excerpts:

On joining Bloomberg TV: “I joined Bloomberg because it’s a tremendous organization that I see as the future of news. They’ve got tremendous resources with over 200 reporters around the globe in more than 200 bureaus. For me it’s an opportunity to tell a story – the story of the economy and the markets in a much more detailed, much more intense way than I’ve ever been given.”

On her fans: “People do recognize me and it’s amazing what they know. They always ask about the kids, how old they are and sometimes they even know their names and that’s nice. It’s good that people feel a connection and I certainly appreciate hearing that. It’s wonderful I can have a connection to the viewer base.”

On reporting on the economy: “It’s been a tough road for the economy. Believe me, I’d rather be delivering good news than bad, but I think people have a craving to understand what’s going on. As a result financial journalists are pretty critical at a time like this for Americans who want to make educated choices about what to do with their money or what kind of economic policies are going to be best for the country going forward.”

“Every single story relates back to the economy in some way shape or form, so there’s a lot of storytelling for us in the financial community to do and there’s a lot of storytelling I want to do here at Bloomberg.”

Read more here.

John Nyaradi of Wall Street Selector interviews Bloomberg News’ Tom Keene on his job and his Bloomberg Television shows.

Here is an excerpt:

John Nyaradi:   Let’s talk a little bit about your work at Bloomberg, you have done some great things there – you are founder of the chart of the day on Bloomberg Professional, can you talk just a little about that, what its about?

Tom Keene:  Oh, years ago, Matt Winkler, our editor-in-chief, came to me and asked me that to put together a chart of the day. So I worked it up with my limited journalistic skills and, to be honest, I don’t remember what the first chart was, but we put it out about 1 pm and I got a phone call from the head of prop trading for JP Morgan, maybe 3 pm the same day, and she said, can we use it in our meetings this afternoon. So I said, by all means, and really with that we were off to the races.

John Nyaradi:   Let’s talk about your two shows. I like Bloomberg a lot, I go there all the time.  Let’s talk about “Surveillance Midday” on the television side and “Bloomberg Surveillance” on the radio side.

Tom Keene:  Well, they are very different. I think “Bloomberg Surveillance” is wake up in the morning, where are the markets, talk to smart people, and “Surveillance Midday” is designed to be that 12 noon interlude in the market where – hey, here is where the markets are and we again try to talk to smart people. But the hallmark of my work is a belief that the audience is smarter than the media thinks. Our audiences are global Wall Street and the informed non-Wall Street, and they’re all very, very smart about investing. They read everything, they study everything, they’re  in the market, and our other audience is what I call the curious and informed professionals. And the one thing that all three groups have in common is they are smart, and what we do is, if we get a little esoteric like sterilized QE, we will define that, we will explain what we are talking about, but we really try in both shows not to talk down to the audience. We just assume they are smart, they are in the game, they are informed so we can get to the important distinctions and the better questions quickly.

Read more here.