Bloomberg News unit sued the Federal Reserve under the Freedom of Information Act for a list of companies in their emergency lending programs . The emergency lending programs created last year by the Federal Reserve contains near $2 trillion in loans.
The Manhattan Chief U.S. District Judge ruled against the central bank saying the central bank “improperly withheld agency records” by “conducting an inadequate search” after Bloomberg News reporters filed a request under the information act. The Judge gave the Fed 5 days to locate the documents and turn them over.
All the Federal Reserve’s actions have been taken, in their opinion, in the public’s interest. If the Fed’s actions are the public’s interest and the public’s money is being used, the public is entitled to know. Perhaps, if the Fed had known last year, using the public’s money in the public’s “best interest” would compromise their secracy, they might have been more stingent with their lending standards or more transparent about their process.