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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.
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