Tuesday, August 25, 2009

Court ruling: Federal Reserve asked to disclose details of emergency loans

Manhattan Chief US District Judge Loretta Preska has ruled that the Federal Reserve must disclose details of the emergency loan program.

The judge said the central bank “improperly withheld agency records” by
“conducting an inadequate search” after Bloomberg News reporters filed a request
under the information act. She gave the Fed five days to turn over documents it
told the reporters it located, including 231 pages of reports, and said it must
look for more at the Federal Reserve Bank of New York, which runs most of the
loan programs.

The Fed had earlier refused to reveal the identity of the financial firms it lent to or disclose the amounts or the assets under collateral during the deepest financial crisis since Great Depression.

Bloomberg LP, the New York-based company majority-owned by Mayor Michael Bloomberg, had sued on 7 November on behalf of its Bloomberg News unit under the relevant provisions of the Freedom of Information Act.

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