The Federal Reserve must disclose details of emergency loans it made to banks in 2008 as the U.S. Supreme Court rejected an appeal Monday by the banking industry to keep the records private after a Bloomberg News reporter requested them using the Freedom of Information Act.
“The records were originally requested under FOIA, which allows citizens access to government papers, by the late Bloomberg News reporter Mark Pittman.
“As a financial crisis developed in 2007, ‘The Federal Reserve forgot that it is the central bank for the people of the United States and not a private academy where decisions of great importance may be withheld from public scrutiny,” said Matthew Winkler, editor in chief of Bloomberg News. ‘The Fed must be accountable to Congress, especially in disclosing what it does with the people’s money.’
“The Clearing House Association contended that Bloomberg was seeking an unprecedented disclosure that might dissuade banks from accepting emergency loans in the future.”
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Just spoke with Ray Hennessey, director of business news at FBN, about this this morning, and how people were saying it was a fake story at first and "that it was just Fox being Fox again." Says this is a big win for them and he's proud to be part of fighting for more disclosure with FOIA requests.