Kathryn Glass of FoxBusiness.com has a story on Monday about the Supreme Court turning down the appeal of the banks, requiring the Federal Reserve to disclose who took loans from the government during the 2008 economic crisis.
In addition to Bloomberg L.P., which filed the initial request for the documents, Fox Business Network was also a party to the case.
Glass writes, “‘We were asking who went to the Fed to borrow during that crisis period, and how much did they borrow,’ said Steve Mintz, outside legal counsel for FOX Business Network.
“In an interview with FOXBusiness.com, Mintz explained that banks have argued that releasing information about which banks went to borrow money during the discount window could incite a run on the banks and impose a collapse of the system.
“‘Our position is that an informed citizenry is better than an uninformed citizenry,’ Mintz said. ‘The American people deserve to know what the Fed is doing with its money — our money.’
“This is the second legal victory filed under FOIA for FOX Business. Last summer the network filed suit to block a provision of the Dodd-Frank Act, which would have exempted the Securities and Exchange Commission from some FOIA statutes, allowing the agency to keep some of the information derived from its dealings a secret.”
Read more here.
