Fed Refuses to Release Bank Lending Data, Insists on Secrecy, Says it Isn't Subject to FOIA Law

Fed Refuses to Release Bank Lending Data, Insists on Secrecy, Says it Isn't Subject to FOIA Law

www.bloomberg.com

The Board of Governors contends that it’s separate from its member banks, including the Federal Reserve Bank of New York which runs the lending programs. Most documents relevant to the Bloomberg suit are at the Federal Reserve Bank of New York, which the Fed contends isn’t subject to FOIA law. The Board of Governors has 231 pages of documents, which it is denying access to under an exemption under trade secrets.

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The Federal Reserve Board of Governors receives daily reports on loans to banks and securities firms, the institution said in response to a Freedom of Information Act lawsuit filed by Bloomberg News.

The Fed refused yesterday to disclose the names of the borrowers and the loans, alleging that it would cast “a stigma” on recipients of more than $1.9 trillion of emergency credit from U.S. taxpayers and the assets the central bank is accepting as collateral.

The bank provides “select members and staff of the Board of Governors with daily and weekly reports” on Primary Dealer Credit Facility borrowing, said Susan E. McLaughlin, a senior vice president in the markets group of the Federal Reserve Bank of New York in a deposition for the Fed. The documents “include the names of the primary dealers that have borrowed from the PDCF, individual loan amounts, composition of securities pledged and rates for specific loans.”

The Board of Governors contends that it’s separate from its member banks, including the Federal Reserve Bank of New York which runs the lending programs. Most documents relevant to the Bloomberg suit are at the Federal Reserve Bank of New York, which the Fed contends isn’t subject to FOIA law. The Board of Governors has 231 pages of documents, which it is denying access to under an exemption under trade secrets.

(visit the link for the full news article)

HA. Bloomberg is trying to apply FOIA to the Federal Reserve.
Well, to those of you who still believe that the Fed is part of the
U.S. Government, pay close attention.

I have to give a hand to Bloomberg for firstly having the balls to do this then report this information back so we can see in light what the Fed actually is. Conspiracy theory, pfff!



www.bloomberg.com
(visit the link for the full news article)

It isn't . It is a private entity. Good luck. Someone needs to slay this beast quickly. This is a private entity that has control of federal funds and the economy.

They may be a private entity but the government as the Obama administration and even Congress has told the People that it will be transparency as how the government and the "Fed" utilizes tax payer money.

After all they do take our tax payer money.

I've a gut feeling that says this goes to the Supreme Court ... and doesn't get heard. Hmmm.

Lately I wonder Sos37 what in the heck is the supreme court doing this days, after all they are supposed to be upholding our constitutional rights to protect the citizens.

I guess they most be somewhere in the Bahamas sipping pinas coladas at the expenses of tax payer also.

You ever notice how wheb Ron Paul quizes Ben Bernanke, that Ben always has that little "you can't do Sh*^" smirk on his face?

Like the other day when asked (paraphrasing)
How long do you insist on dumping dollars into this hole before you can acknowledge that it isn't working. Another 900+Billion?

and how the dollar is related hand in hand with pricing,

And Ben says the FED only works with pricing and talk to the Sec. Treasurer.

Who else in on the Board of Govenors.

What a ponzi setup

reply to post by oconnection


As the Federal Reserve is neither Federal nor a Reserve, but instead is a Private organization of bankers totally in control of OUR money system, I can't wait for them to tell the people they have no Right to know where their money went.

As most people seem too preoccupied with television, games, sports, shopping or whatever, we as a society have watched our rights slip away. We've been too busy to keep up with events ('WE' being the average Joe, not the studious people on ATS). Even the common man is now wondering what happened to all this cash, because they aren't seeing any of it.

We are living in "interesting times". Perhaps our legacy for the future will be that we took back our Country and made it better, not just different.