Tags: Fed to Release Lending Data After Court Ruling

Fed to Release Lending Data After Court Ruling

Tuesday, 29 Mar 2011 12:34 PM

The Federal Reserve will release material on Thursday related to its emergency lending programs to banks during the financial crisis in 2008, the U.S. central bank said on Tuesday.

The decision to do so comes after the U.S. Supreme Court last week let stand a ruling that it must disclose details about its lending, an action the Fed's Board of Governors had fought.

The Fed has been required under recently passed financial reform laws to divulge borrowing from special emergency programs it set up to stabilize financial markets during the economic meltdown. A December data release revealed that major banks had been big beneficiaries from some of those programs.

The Fed had strenuously resisted providing information about borrowers from its standard emergency lending facility, known as the discount window, arguing banks, fearing being stigmatized as weak, would be unwilling to use it if they feared their actions would became public.

Bloomberg, the parent of Bloomberg News, and News Corp's Fox News Network had sought the bailout details under the federal Freedom of Information law, which requires government agencies make certain documents public.

© 2015 Thomson/Reuters. All rights reserved.

1Like our page

Newsmax, Moneynews, Newsmax Health, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, and Newsmax World are trademarks of Newsmax Media, Inc.

© Newsmax Media, Inc.
All Rights Reserved