Americans can take comfort knowing that Congress and the courts affirmed what may prove the most reassuring legacy of the worst financial disaster of our time: The Federal Reserve is the people’s bank and obligated to share what it knows and does with the citizenry it serves.
Fed Won’t Join Bank Supreme Court Appeal on Loan Disclosures Statement by Bloomberg News Editor in Chief Matthew Winkler: “Greater transparency results in more accountability, and the banks’ resistance continues to engender suspicion among taxpayers about the bailouts. The banks’ move to appeal will deepen the public’s skepticism and defend a position that every other court has disagreed with. The public has the right to know.“ Business Wire NEW YORK -- October 26, 2010 The Federal Reserve won’t join a banking industry trade group in asking the U.S. Supreme Court to let the government continue to withhold details of emergency loans made to financial firms in 2008. The Clearing House Association LLC, a group of the biggest commercial banks filed the appeal today. The Federal Reserve won’t file its own appeal, according to Kit Wheatley, an attorney for the central bank.