For Immediate Release
CREW Files Second FOIA Request with Federal Reserve Board Over Refusal to Name Recipients of $2.2 Trillion in Aid
WASHINGTON - Citizens for Responsibility and Ethics in Washington (CREW)
yesterday filed a second Freedom of Information Act (FOIA) request for
the names and details of the recipients of the more than $2.2 trillion
in financial assistance provided by the Federal Reserve Board over the
past two years.
CREW filed its initial request for the records on March 3, 2009
in the wake of the Board's refusal to provide Senator Bernie Sanders
(I-VT) with this information. The Board also refused to provide the
information to CREW, claiming that disclosure would stigmatize the
companies seeking assistance and cause them financial harm. CREW sued
the Board in April, challenging its failure to produce records in
response to CREW’s first request. Last week, in a lawsuit brought by
Bloomberg News seeking similar information, a federal judge in New York
ruled the information could not be withheld under FOIA because the risk
of looking weak to competitors or shareholders is an inherent risk of
participating in the market.
The new request seeks the names of recipients of financial
assistance since the first request was filed, as well as information
about the amount of each instance of assistance provided, the interest
rates charged and other terms, and the rationale for providing
assistance. As CREW again explained in this request, the documents it
seeks are essential to understanding and assessing the government’s
response to the devastating economic financial crisis.
Read CREW’s FOIA request in the Related Documents section on the right.
Citizens for Responsibility and Ethics in Washington (CREW) is a nonprofit 501(c)(3) organization dedicated to promoting ethics and accountability in government and public life by targeting government officials -- regardless of party affiliation -- who sacrifice the common good to special interests. CREW advances its mission using a combination of research, litigation and media outreach.