Fed Reserve won't appeal to withhold names: report
Lawyer Blogs
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.
“Greater transparency results in more accountability, and the banks’ fight continues to engender suspicion among taxpayers about the bailouts,” said Matthew Winkler, Bloomberg News editor-in-chief. “The banks’ move to appeal will deepen the public’s skepticism and defend a position that every other court has disagreed with. The public has the right to know.”
The Fed is facing unprecedented oversight by Congress. The Wall Street Reform and Consumer Protection Act, known as Dodd- Frank, mandates a one-time audit of the Fed as well as the release of details on borrowers from Fed emergency programs. The Discount Window, which provides short-term funding to financial institutions, would have to disclose loans made after July 21, 2010, following a two-year lag. The Bloomberg lawsuit asks for information on that facility.
Related listings
-
Appeals court wrestles with Abramoff-related case
Lawyer Blogs 10/22/2010A federal appeals court is wrestling with whether the Bush administration's former top procurement official got a fair trial the second time around in the Jack Abramoff lobbying scandal.On Friday, a Justice Department lawyer and an attorney for David...
-
N.Y. changes rules for filing foreclosures
Lawyer Blogs 10/20/2010New York state courts will require lawyers in residential foreclosure actions to certify they have taken “reasonable” steps to verify the accuracy of documents submitted to the court. The new rule, released in a statement by the New York state Unifie...
-
Court will hear appeal of ex-AG to stop lawsuit
Lawyer Blogs 10/18/2010The Supreme Court will consider an appeal by former Attorney General John Ashcroft to throw out a lawsuit seeking to hold him personally responsible for improperly arresting a Muslim U.S. citizen after the 9/11 terrorist attacks.The justices on Monda...
New Rochelle, New York Personal Injury Lawyers
If you or a loved one has been injured in an accident, contact Kommer, Bave & Ollman, LLP, in New Rochelle, New York, immediately. We can answer all your questions and work with you to determine if you have the grounds for a personal injury lawsuit. The attorneys at our firm are determined to resolve even the most difficult of cases. We will work closely with you to determine the best course of action to get your claim or case resolved in the most efficient way possible. We will fight for your right to compensation! No one should have to suffer a financial burden from the result of another person’s carelessness. The attorneys at Kommer, Bave & Ollman, LLP will aggressively fight to ensure that justice is served on your behalf.