Finally, some encouraging news from the Federal Reserve. The banks are all about hiding details whether it's the money that they are forking over to the Chamber of Commerce or the details behind loans to troubled banks. There is absolutely no reason for the Fed to join this shameful appeal though it hasn't always been that way in the past. Now more than ever, we need transparency and the banks are against it across the board. They're terrified that their dirty little secrets will get out.
The Federal Reserve won’t join a banking industry trade group in asking the U.S. Supreme Court to let the government continue to withhold details of emergency loans made to financial firms in 2008.
The Clearing House Association LLC, a group of the biggest commercial banks filed the appeal today. The Federal Reserve won’t file its own appeal, according to Kit Wheatley, an attorney for the central bank.
The banks are appealing a lower court order requiring the Federal Reserve to disclose lending records to Bloomberg LP, parent company of Bloomberg News. A federal judge ruled in August 2009 that the Fed had to disclose the names of banks that borrowed from its emergency lending programs.
