Banks file motion to prevent release of data to media
A banking association has filed a second petition asking the U.S. Supreme Court to block the disclosure of Federal Reserve emergency-lending data to the business media, reports Brent Kendall of Dow Jones Newswires.
Kendall writes, “At issue is a March ruling by the 2nd U.S. Circuit Court of Appeals that required the Fed to release records identifying commercial banks that received emergency loans from the central bank during the peak of the 2008 financial crisis. That ruling came in two cases, one involving Bloomberg LP’s Bloomberg News, the other involving Fox News Network LLC’s Fox Business Network.
“The Clearing House, which represents large commercial banks, was a party only in the Bloomberg case, which it appealed to the Supreme Court last month. On the same day, the Fed announced it would not ask the high court to review either case, which meant no one filed a Supreme Court appeal in the Fox case.
“With that development, the 2nd Circuit could have chosen to enforce its ruling in the Fox litigation, which would have led to disclosure of the Fed information.
“Instead, the appeals court agreed last week to continue to postpone the Fox ruling, allowing the Clearing House to intervene in the case and appeal it to the Supreme Court.”
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