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Fed Refuses to Release Bank Lending Data, Insists on Secrecy

Posted on March 5, 2009 by Kendall Harmon

The Federal Reserve Board of Governors receives daily reports on loans to banks and securities firms, the institution said in response to a Freedom of Information Act lawsuit filed by Bloomberg News.

The Fed refused yesterday to disclose the names of the borrowers and the loans, alleging that it would cast “a stigma” on recipients of more than $1.9 trillion of emergency credit from U.S. taxpayers and the assets the central bank is accepting as collateral.

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Posted in * Culture-Watch, * Economics, Politics, Credit Markets, Economy, Law & Legal Issues, The 2009 Obama Administration Bank Bailout Plan, The Banking System/Sector, The U.S. Government

One comment on “Fed Refuses to Release Bank Lending Data, Insists on Secrecy”

  1. Sick & Tired of Nuance says:
    March 5, 2009 at 9:01 pm

    The Federal Reserve is a private entity and not subject to the FOIA.

    The notes they print are not really money, either.

    They are not accountable to congress or the president.

    No one cares.