Associated Press//March 21, 2011
//March 21, 2011
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.
An association of bankers wanted to stop the release but the court refused Monday to hear its appeal.
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 Fed 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.-