Court lets stand Fed bailout records release

Reuters News
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Posted: Mar 21, 2011 4:02 PM
Court lets stand Fed bailout records release

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

The justices rejected appeals by a group representing major commercial banks of last year's ruling by a U.S. appeals court in New York that required disclosure of the lending records.

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.

(Reporting by James Vicini, Editing by Gerald E. McCormick)