Bloomberg reports that the biggest U.S. banks have allied themselves with Federal Reserve secrecy. They will take the issue of the Fed having to reveal details of its lending in 2008 to the Supreme Court, if necessary.
The Clearing House Association LLC, a group that includes Bank of America Corp. and JPMorgan Chase & Co., joined the Fed in defense of a lawsuit brought by Bloomberg LP, the parent company of Bloomberg News, seeking release of records related to four Fed lending programs.
The U.S. Court of Appeals in Manhattan ruled March 19 that the central bank must release the documents. A three-judge panel of the appellate court rejected the Fed’s argument that disclosure would stigmatize borrowers and discourage banks from seeking emergency help.
Big Banks to Back Fed Secrecy
Bloomberg reports that the biggest U.S. banks have allied themselves with Federal Reserve secrecy. They will take the issue of the Fed having to reveal details of its lending in 2008 to the Supreme Court, if necessary.
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Coalition members are still pressing for transparency. Pressure is being applied to key Senators to pass S 604. Take part in these efforts here.