What exactly is the Fed appealing? On August 24, Loretta Preska, Chief U.S. District judge, ruled that the Fed must disclose the identities of borrowers in 11 lending programs amounting to $2 trillion dollars.
In its motion, the Fed argued that "The immediate release of these documents will destroy the board's claims of exemption and right of appellate review."
The Fed's statement went on to say that "the Fed's ability to effectively manage the current, and any future, financial crisis would be impaired." It said "significant harm" could befall the U.S. economy as well.
The suit brought forth by two Bloomberg staff reporters stated that "Our argument is that the public interest in disclosure outweighs the banks' interest in secrecy."
Senator Bernie Sanders of Vermont said, "What has the Fed go to hide? ... The time has come for the Fed to stop stonewalling and hand the information over to the public."
The American public is clamoring to know what actually took place behind closed doors during our financial meltdown. The Federal Reserve spent an astounding $2 trillion dollars of your money to bail out the bankers. Where did all of this money go? Who got all this money?
Fed Chairman Bernanke has been on a speaking tour touting himself as the "transparency king." Now is the time for him to stand up, release the documents, and let the chips fall where they may. What is it exactly that is so bad that it must be hidden? Why must the Fed always bow to the bankers? Why doesn't the public have a right to know?
As far a hurting the U.S. economy, how would the truth cause any damage? The truth is always better than hidden, cloak-and-dagger operations.
Mr. Bernanke, the American people can handle the truth.
Do you want the Federal Reserve to release the documents to the public concerning its $2 trillion dollar bank bailouts?
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