What Was I Reading Today?

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A Bloomberg attempt to pry open the Federal Reserve moved forwards this week as Manhattan Chief U.S. District Judge Loretta Preska ruled in favor of the FOIA request for certain documents related to the Fed’s emergency lending. The Project On Open Government (POGO) lays out the story behind the case and explains that Fed Chair Ben Bernanke will have to answer questions about the Fed’s transparency when he faces the Senate for his renomination hearing.

While President Obama and Defense Secretary Bob Gates have laid out a moderately ambitious plan for defense acquisition reform, Mother Jones finds that lobbyist-turned-Deputy Secretary of Defense William Lynn is standing in the way of further changes.

Public Citizen used Sunlight’s Party Time data to show that no one is throwing for fundraisers than the banks bailed out by the federal government. The influence lives on.

In a mind-boggling ruling, the Federal Election Commission (FEC) will allow Rep. Pete Visclosky, under investigation for potential earmarking abuses in PMA Group scandal, to use campaign funds to pay the legal fees of his staff — including former staff. This means that Rep. Visclosky can pay the legal fees of PMA lobbyist Rich Kaelin because he is a former Visclosky staffer. As Zach Roth writes at TPM Muckraker, this also means that Rep. John Murtha could potentially pay for the legal fees of Paul Magliocchetti, the founder of the PMA Group, as Magliocchetti is a former Murtha staffer. Now you know where your campaign contributions are going.

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