“Federal Reserve Appeals Court Order to Disclose Loans”

Bloomberg reports that the Federal Reserve is appealing a federal judge’s order requiring the central bank to identify the companies that benefited from its emergency loans.

“Public disclosure is likely to cause substantial competitive injury to these financial institutions including the loss of public confidence in the institution, runs on banks and possible failure of some institutions,” the Fed said in its notice, which asks to put the lower court’s order on hold until the appeal is prepared.

Meanwhile, the grassroots push against Federal Reserve secrecy continues to gain traction in Washington:

“There is not a single American who does not have a stake in how the Federal Reserve and other major banks operate,” Lucy Dalglish, executive director of the Arlington, Virginia-based Reporters Committee for Freedom of the Press, said an interview. “To deny American taxpayers simple information about how their money was used and by whom is inexcusable.”

Read the rest here.