Fed releases documents to biz media

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The Federal Reserve released thousands of pages of secret loan documents under court order, almost three years after Bloomberg LP first requested details of the central bank’s support to banks during the financial crisis, reports Craig Torres of Bloomberg News.

Torres writes, “The Fed was forced to make the disclosures after the U.S. Supreme Court rejected an appeal by the Clearing House Association LLC, a group of the nation’s largest commercial banks.

“The justices left intact lower court orders that said the Fed must reveal documents requested by Bloomberg related to borrowers in April and May 2008, along with loan amounts. The late Bloomberg News reporter Mark Pittman asked for the records under the Freedom of Information Act, which allows citizens access to government papers. News Corp.’s Fox News Network LLC filed FOIA requests for similar information on loans made from August 2007 to March 2010.

“Former Fed officials, lawyers representing the central bank, and even some Fed watchers have expressed concern that revealing the names of discount-window borrowers could keep banks away from the facility in the future.”

Read more here.