Fed loses legal appeal; must disclose bailout details

Discussion in 'Wall St. News' started by ASusilovic, Mar 19, 2010.

  1. WASHINGTON (MarketWatch) -- The Federal Reserve will be required to identify the names of banks that could have collapsed if not for the central bank's emergency lending, a federal appeals court said Friday.

    The U.S. Court of Appeals for the Second Circuit in New York ruled that the Fed needs to disclose documents in response to Freedom of Information Act requests by Bloomberg L.P. and other news organizations.

    The Federal Reserve is considering its options after the decision.

    "We are reviewing the decision and considering our options for reconsideration or appeal," said Fed spokeswoman Barbara Hagenbaugh.