March 21st, 2011, Fairfax, VA— Americans for Limited Government President Bill Wilson today praised Bloomberg News' victory at the Supreme Court today, and demanded the Federal Reserve comply with a court order to disclose the recipients of some $2 trillion of loans it made at the height of the financial crisis requested by Bloomberg News in a Freedom of Information Act (FOIA) request.
"The Federal Reserve has exhausted all of its avenues of appeal, and now it must disclose who received over $2 trillion in secret emergency loans. The American people have a right to know the full extent of the Fed's relationship with financial institutions, foreign banks, and foreign central banks really is," Wilson said.
The central bank has thus far refused to comply with Bloomberg's FOIA request despite a Southern District Court of New York order that the Federal Reserve Board of Governors comply with Bloomberg News' Freedom of Information Act (FOIA) request to produce the details of some $2 trillion in emergency loans that were made. This includes who received the $2 trillion of loans, the terms under which they were received, and what collateral was taken by the Reserve branches in exchange for the loans.
The Fed had appealed to the U.S. Court of Appeals, but the court decided not to hear their appeal, according to Bloomberg News.
"Just because control over the nation's monetary policy has been outsourced to essentially private financial institutions does not shield those institutions from public scrutiny," Wilson said, concluding, "The banks' resistance in this case to transparency reminds the American people of why Congress needs to regain control of those policies."
ALG Calls Upon House to Enact Fed Audit Bill (May 28th, 2009)