Supreme Court Orders Fed Disclosure of Bank Borrowing Info
Supreme Court Orders Fed Disclosure of Bank Borrowing
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The US Supreme Court has ordered the Federal Reserve to disclose data related to US banks' borrowing practices during the 2008 financial crisis. Bloomberg News sued the central bank to force it to release the data, and the Supreme Court rejected an appeal from the agency attempting to prevent the disclosures. A Fed spokesman has said the agency will comply and the data will be released within the next five days.
The decision is noted as the first time in US history a court has ordered the central bank to disclose borrowing data. The Clearing House Association, which represents the interests of a number of US banks, had argued against the disclosures, saying they would make banks avoid borrowing at the discount window for fear of the actions bringing a stigma to institutions.
After it was ruled in a pair of lower courts that the Fed would have to disclose the information, the banking organization appealed to the nation's highest court. President Obama's administration asked the Supreme Court to refuse to hear the appeal because new legislation included in the Dodd Frank financial reform act has changed the rules of Fed disclosure of bank borrowing.
The US Supreme Court has ordered the Federal Reserve to disclose data related to US banks' borrowing practices during the 2008 financial crisis. Bloomberg News sued the central bank to force it to release the data, and the Supreme Court rejected an appeal from the agency attempting to prevent the disclosures. A Fed spokesman has said the agency will comply and the data will be released within the next five days.
The decision is noted as the first time in US history a court has ordered the central bank to disclose borrowing data. The Clearing House Association, which represents the interests of a number of US banks, had argued against the disclosures, saying they would make banks avoid borrowing at the discount window for fear of the actions bringing a stigma to institutions.
After it was ruled in a pair of lower courts that the Fed would have to disclose the information, the banking organization appealed to the nation's highest court. President Obama's administration asked the Supreme Court to refuse to hear the appeal because new legislation included in the Dodd Frank financial reform act has changed the rules of Fed disclosure of bank borrowing.
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