Fox Business expands document request

Fox Business Network has expanded its quest for documents from the Federal Reserve in order to shed light on which financial firms borrowed funds during the financial crisis, writes Adam Shapiro of FoxBusiness.com.

Shapiro writes, “The network filed its new suit this afternoon in New York requesting documents from the Federal Reserve Board of Governors that will name each financial institution that borrowed from the various emergency lending facilities from November 1, 2008 through March 1, 2010. FOX Business originally sued the Fed for those documents but for a time period that ended on November 1, 2008.

“The network scored a major victory in the original suit when the second circuit court of appeals ruled that the Fed had to turn over the requested documents. The Federal Reserve is expected to ask the court to reconsider the case and has said it is willing to take the case to the Supreme Court if necessary to protect the identity of the firms which received billions in taxpayer-backed guarantees.

“The new suit expands the date through 2010 to learn which firms continued to seek emergency lending after the initial crisis had passed. FOX Business is also attempting to learn how much each individual institution received.”

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