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Federal Reserve Appeals Order to Disclose Emergency Bank Loans

Mark Pittman
Bloomberg News [1]
Wednesday, September 30, 2009

Sept. 30 (Bloomberg) — The Federal Reserve is appealing a judge’s order requiring the central bank to identify the financial institutions that benefited from its emergency loans, according to a lawyer representing Bloomberg LP.

The central bank refused to divulge details about the companies participating in its 10 remaining lending programs, saying that doing so might set off a run by depositors.

The Fed had until today to seek a reversal of the Aug. 24 decision by Manhattan Chief U.S. District Judge Loretta Preska, who ruled the Fed must release the identities, as well as disclose loan amounts and the assets put up as collateral.

Full stoy here. [1]