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Tag Archive: Freedom of Information Act (FOIA)

Federal Reserve forced to report which banks benefit from loan programs

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It took an act of Congress and a major lawsuit, but the details of the U.S. Federal Reserve Board's emergency loan programs and discount window lending--which peaked at more than a trillion dollars for the nation's biggest banks and other institutions during the recent financial meltdown--finally came into the light.

Created in 1913, the central bank has always kept details of its activities as the “lender of last resort” closely held. The rationale has been that releasing information about which banks and institutions seek temporary assistance from the Fed could cause runs on banks and panic in ...

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Powerful financial council could deny or delay public information

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A newly created powerful federal financial council will have broad latitude to deny or delay Freedom of Information Act (FOIA) requests if it adopts proposed rules, charges a financial watchdog group.

Under the Dodd-Frank financial reform law, the new Financial Stability Oversight Council (FSOC), is explicity made subject to the Freedom of Information Act. The Council, whose members are representatives of major financial agencies, has authority to collect wide-ranging information about financial institutions, such as internal company documents, in its mission to ensure the stability of the financial system. In late March, the Council published proposed rules on how the ...

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