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Fed Refuses to Release Bank Lending Data, Insists on Secrecy, Says it Isn’t Subject to FOIA Law

Posted By admin On March 5, 2009 @ 5:26 am In Featured Stories | Comments Disabled

cryptogon.com [1]
Thursday, March 5, 2009

HA. Bloomberg is trying to apply FOIA to the Federal Reserve. Well, to those of you who still believe that the Fed is part of the U.S. Government, pay close attention:

The Board of Governors contends that it’s separate from its member banks, including the Federal Reserve Bank of New York which runs the lending programs. Most documents relevant to the Bloomberg suit are at the Federal Reserve Bank of New York, which the Fed contends isn’t subject to FOIA law. The Board of Governors has 231 pages of documents, which it is denying access to under an exemption under trade secrets.

Via: Bloomberg [2]:

The Federal Reserve Board of Governors receives daily reports on loans to banks and securities firms, the institution said in response to a Freedom of Information Act lawsuit filed by Bloomberg News.

The Fed refused yesterday to disclose the names of the borrowers and the loans, alleging that it would cast “a stigma” on recipients of more than $1.9 trillion of emergency credit from U.S. taxpayers and the assets the central bank is accepting as collateral.

Fed Refuses to Release Bank Lending Data, Insists on Secrecy, Says it Isn’t Subject to FOIA Law obamadecept 340x169 [3]

The bank provides “select members and staff of the Board of Governors with daily and weekly reports” on Primary Dealer Credit Facility borrowing, said Susan E. McLaughlin, a senior vice president in the markets group of the Federal Reserve Bank of New York in a deposition for the Fed. The documents “include the names of the primary dealers that have borrowed from the PDCF, individual loan amounts, composition of securities pledged and rates for specific loans.”

The Board of Governors contends that it’s separate from its member banks, including the Federal Reserve Bank of New York which runs the lending programs. Most documents relevant to the Bloomberg suit are at the Federal Reserve Bank of New York, which the Fed contends isn’t subject to FOIA law. The Board of Governors has 231 pages of documents, which it is denying access to under an exemption under trade secrets.

Full article here [1]


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URL to article: http://www.prisonplanet.com/fed-refuses-to-release-bank-lending-data-insists-on-secrecy-says-it-isn%e2%80%99t-subject-to-foia-law.html

URLs in this post:

[1] cryptogon.com: http://cryptogon.com/?p=7323

[2] Bloomberg: http://www.bloomberg.com/apps/news?pid=20601087&sid=aG0_2ZIA96TI&refer=home

[3] Image: http://www.prisonplanet.tv/subscribe.html

[4] Everyone Knows that the Federal Reserve Banks Are PRIVATE … Except the American People: http://www.prisonplanet.com/everyone-knows-that-the-federal-reserve-banks-are-private-except-the-american-people.html

[5] FOIA Review: More Government Secrecy Under Obama Than Bush: http://www.prisonplanet.com/foia-review-more-government-secrecy-under-obama-than-bush.html

[6] The Federal Reserve ADMITS that Its 12 Banks Are PRIVATE – Not Government – Entities: http://www.prisonplanet.com/the-federal-reserve-admits-that-its-12-banks-are-private-not-government-entities.html

[7] Fed Refuses to Disclose Recipients of $2 Trillion: http://www.prisonplanet.com/fed-refuses-to-disclose-recipients-of-2-trillion.html

[8] Commercial real estate maturities will peak in 2012 – $350 billion in loans coming due and hundreds of additional bank failures. Bank lending in the CRE market collapsing: http://www.prisonplanet.com/commercial-real-estate-maturities-will-peak-in-2012-%e2%80%93-350-billion-in-loans-coming-due-and-hundreds-of-additional-bank-failures-bank-lending-in-the-cre-market-collapsing.html

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