Supreme Court denies banking group’s appeal to withhold Fed lending data

[Playinghardball]

Source: Rae Story

The Supreme Court let stand a ruling that the U.S. Federal Reserve must release data on emergency loans made to Wall Street banks during the financial crisis in 2008.

The high court declined to hear the appeals of the Clearing House Association, a group that represents major commercial banks such as Bank of America and JPMorgan. The group was seeking to reverse a ruling by a federal appeals court that ordered the Federal Reserve to disclose details about the central bank's emergency lending.

At issue were lawsuits by Bloomberg News and Fox Business Network that claimed the Federal Reserve was required to disclose details of the economic bailout under the Freedom of Information Act (FOIA).

FOIA requires federal agencies to make government documents publicly available upon request, but contains various exemptions to prevent the disclosure of sensitive information.

Read More At: http://www.rawstory.com/rs/2011/03/21/supreme-court-denies-banking-groups-appeal-to-withhold-fed-lending-data/