A Victory for Openness: Fed Ordered to Release Loan Details

In an unprecedented victory for your right to know, the U.S. Supreme Court has ordered that the Federal Reserve must release details of billions of dollars of emergency loans it made to commercial banks as part of the government bailout in 2008.

This decision will give the public insight into secret deals the federal government made with banks and will set a precedent for more transparency in the future.

The Fed has five days to release records sought by Bloomberg LP, the parent organization of Bloomberg News, which had filed a request through the federal Freedom of Information Act (FOIA) for documents relating to the loans.

Enhanced by Zemanta

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s

%d bloggers like this: