Thank The FOIA: Supreme Court Says Fed Must Disclose Details About Emergency Lending
The Supreme Court today decided to uphold a previous ruling by the federal court of appeals ordering the Federal Reserve to reveal details about emergency lending by the central bank during the recent financial crisis. The Court’s ruling effectively rejects an appeal filed by the Clearing House Association, which had hoped to prevent such information from being disclosed to the public. The Association’s members include ABN AMRO Bank N.V.; Bank of America, National Association; The Bank of New York Mellon; Citibank, N.A.; Deutsche Bank Trust Company Americas; HSBC Bank USA, National Association; JPMorgan Chase Bank, National Association; UBS AG; U.S. Bank National Association; and Wells Fargo Bank, National Association.
The decision is cause for celebration by Fox Business and Bloomberg News, which together brought on a lawsuit against the Fed under the Freedom of Information Act, working under the premise that “an informed citizenry is better than an uninformed citizenry.”
The U.S. Federal Reserve Board has stated that it will comply with the Court’s decision, but has not mentioned when it plans to make information about emergency lending available.
h/t Fox Business
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