Bloomberg News has sued the Federal Reserve over a FOIA request to identify those receiving emergency Fed loans and the collateral they are using for those loans. The Fed hasn't yet officially responded to the request--but it is believed the government is going to use exemption 4 (confidential business information) to protect taxpayers from finding out who they are bailing out.
More details on this can be found here.
The Fed is transparent in that it is subject to the oversight of Congress. Is twice a year not fast enough? The intent of Congress in shaping the Federal Reserve Act was to keep politics out of monetary policy. Legislation requires that the Federal Reserve reports annually on its activities to the Speaker of the House of Representatives.
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Posted by: Jason | November 10, 2008 at 03:06 PM
@Jason,
You're a Bolshevik.
Posted by: DiverCity | November 27, 2008 at 02:07 AM