Supreme Court allows Fed bailout records release

[The Northerner]

WASHINGTON (Reuters) – The Supreme Court let stand a ruling that the U.S. Federal Reserve must disclose details about its emergency lending programs to banks during the financial crisis in 2008.

A group representing major commercial banks had asked the high court to reverse a ruling by a federal appeals court that required disclosure of the lending records.

The justices rejected the banks' appeals.

The Obama administration said the appeals should be denied. It said the financial overhaul law adopted last year set new standards on releasing information about emergency lending programs and the law required the disclosure in December of much of the data at issue in the cases.

Bloomberg LP, the parent of Bloomberg News, and News Corp's Fox News Network had sought the bailout details under the federal freedom of information law, which requires government agencies make certain documents public.

Read more: http://news.yahoo.com/s/nm/20110321/bs_nm/us_usa_fed_bailout_court