Federal Reserve plans to release documents

Financial News Network
March 29, 2011 AT 6:01 PM
The AP is reporting that on Thursday the Federal Reserve plans to release documents identifying financial companies that received Fed loans to stay afloat during the financial crisis. At its peak during the crisis in the fall of 2008, the Fed loaned as much as $110 billion through its "discount" loan window. The Federal Reserve is being forced to take the action because commercial banks had lost a court battle to keep the information private. The Fed had argued that releasing the names of banks that drew the emergency loans could cause a run on them, undermining the purpose of the program.