The Federal Reserve is a private bank, not part of the government. FOIA requests are for the government, so Bloomberg's lawsuit will fail. It's surprising that Bloomberg's lawyers don't know this ... maybe they are trying to wake up the people?
Bloomberg Sues Fed to Force Disclosure of Collateral
By Mark Pittman
Nov. 7 (Bloomberg) -- Bloomberg News asked a U.S. court today to force the Federal Reserve to disclose securities the central bank is accepting on behalf of American taxpayers as collateral for $1.5 trillion of loans to banks.
The lawsuit is based on the U.S. Freedom of Information Act, which requires federal agencies to make government documents available to the press and the public, according to the complaint. The suit, filed in New York, doesn't seek money damages.
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1 comment:
The Fed is transparent in that it is subject to the oversight of
Congress. Is twice a year not fast enough? The intent of Congress in
shaping the Federal Reserve Act was to keep politics out of monetary
policy. Legislation requires that the Federal Reserve reports annually
on its activities to the Speaker of the House of Representatives.
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