Bloomberg News LP filed for production of documents under the Freedom of Information Act when the Fed refused to name the financial firms it lent to or disclose the amounts or the assets put up as collateral under the programs put in place during what is being referred to as the "deepest financial crisis since the Great Depression".
The court rejected the Fed's argument that their loan records aren't covered by the Freedom of Information Act because disclosure would harm borrowers' competitive positions. Preska wrote. "Conjecture, without evidence of imminent harm, simply fails to meet the Board's burden" of proof.
The Fed was given five days to turn over documents, but they are expected to appeal.
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