Fed's Court-Ordered Transparency Shows Americans `Have a Right to Know'

[Modbert]

Fed's Court-Ordered Transparency Shows Americans `Have a Right to Know' - Bloomberg

A Supreme Court order that forces unprecedented disclosures from the Federal Reserve ended a two- year legal battle that helped shape the public’s perceptions of the U.S. central bank.

The high court yesterday let stand a lower-court ruling compelling the Fed to reveal the names of banks that borrowed money at the so-called discount window during the credit crisis. The records were requested by Bloomberg LP, the parent company of Bloomberg News. In July, Congress passed the Dodd-Frank law, which mandated the release of other Fed bailout details.

Fed Chairman Ben S. Bernanke “now must finally understand that this money doesn’t belong to the Federal Reserve, it belongs to the American people and the American people have a right to know how their taxpayer dollars are being put at risk,” said Senator Bernard Sanders, a Vermont Independent who wrote Fed transparency provisions in Dodd-Frank.

Great news.

 

[Toro]

I agree. Hundreds of billions of dollars were at risk. I do agree that the public should not have known at the time as it could have created chaos and panics. But eventually, it is critically important to a democracy to know how its money is being spent.

 

[xsited1]

A thread started by Modbert that is actually good. Is Hell freezing over?

Audit the Fed