A Win in the Fight to Audit the Fed!

Yesterday the Federal Reserve lost a court battle and was ordered to release the details of its emergency loan program, which it has keep secret since its implementation.

From Bloomberg News:

The Federal Reserve must for the first time identify the companies in its emergency lending programs after losing a Freedom of Information Act lawsuit.

Manhattan Chief U.S. District Judge Loretta Preska ruled against the central bank yesterday, rejecting the argument that loan records aren’t covered by the law because their disclosure would harm borrowers’ competitive positions.

If the Audit the Fed bill had already passed, the Fed would have been legally bound to provide details, but this is a great first step in exposing this secretive agency that yields endless power over our monetary system.

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