Tim Iacono, at The Mess That Greenspan Made, updates on Bloomberg’s request to the Fed to comply with the Freedom of Information Act.
Fed FOIA request debuts in Congress
Bloomberg reports that it now has the support of Rep. John Boehner (R-Ohio) in their quest to obtain details of the Federal Reserve’s recent spending spree on toxic waste.
Boehner Demands Federal Reserve Identify Recipients of Loans
House Republican leader John Boehner is calling for the Federal Reserve to disclose the recipients of almost $2 trillion of emergency loans from American taxpayers and the troubled assets the central bank is accepting as collateral.Boehner, in a prepared statement, is also calling on the Federal Reserve to comply with a Freedom of Information Act request from Bloomberg News requesting detail about the loans.
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Fed Chairman Ben S. Bernanke and Treasury Secretary Henry Paulson said in September they would comply with congressional demands for transparency in a $700 billion bailout of the banking system. Two months later, as the Fed lends far more than that in separate rescue programs that didn’t require approval by Congress, there is little disclosure about how the program is being implemented.
Also see these items from the last few days:
- Nov. 7th – Bloomberg v. The Fed
- Nov. 10th – Details of toxic wast not forthcoming
