It has been found that the Federal Reserve gave out $1.9 trillion in credit recently, but refuses to release the names of the borrowers alleging that it would cast “a stigma” on recipients. The Federal Reserve is contending that that it is not subject to Freedom of Information Act requests.
New Jersey Representative Scott Garrett (R) said, “At some point, the demand for transparency is paramount to any demand that they have for secrecy.” Bloomberg filed the suit on Nov. 7th under the US FOI Act against the Federal Reserve.
Bloomberg’s request states the need for obtaining the lists, “are central to understanding and assessing the government’s response to the most cataclysmic financial crisis in America since the Great Depression.”
Source:
www.bloomberg.com