Court Won't Stop Fed From Revealing Loan Data
WASHINGTON - The Supreme Court won't stop the release of Federal Reserve Board documents identifying financial companies that received Fed loans to survive the financial crisis.
The 2nd U.S. Circuit Court of Appeals in New York City had said that such information isn't automatically exempt from requests under the Freedom of Information Act.
News Corp.'s Fox News Network LLC and Bloomberg L.P. sued separately for details about loans that commercial banks and Wall Street firms received and the collateral they put up. But the Federal Reserve Board argued that if it identified banks that drew emergency loans, it could cause a run on those institutions, undermine the loan programs and potentially hurt the economy.
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