PUBLIC INFORMATION: Fed Won't Tell Who Got $2 Trillion in Loans

Posted by Terry Francke, General Counsel | Dec 14, 2008 | Legal Issue: Public Information | 0 |

Bloomberg News reports that the Federal Reserve refused its request to disclose the recipients of more than $2 trillion of emergency loans from U.S. taxpayers and the assets the central bank is accepting as collateral.

Bloomberg filed suit Nov. 7 under the U.S. Freedom of Information Act requesting details about the terms of 11 Fed lending programs, most created during the deepest financial crisis since the Great Depression.
The Fed responded Dec. 8, saying its allowed to withhold internal memos as well as information about trade secrets and commercial information. The institution confirmed that a records search found 231 pages of documents pertaining to some of the requests.

About The Editor

Terry Francke, General Counsel

Terry Francke has a 39-year history of helping journalists, citizens and public officials understand and use their First Amendment and open government rights. With CalAware, Francke has authored comprehensive and authoritative guidebooks to California law on access to government meetings and public records and the news gathering and publication rights of journalists. Focusing on these issues in public forum law, he supervises CalAware's legislative and litigation initiatives; conducts workshops on legal compliance; helps design public records audits; supports local sunshine ordinance drafting efforts; writes CalAware Today, a blog on current developments and proposals in the law and best practices; and answers countless queries by phone and e-mail from citizens, journalists, public officials and employees, and lawyers. Francke previously served 14 years as executive director and general counsel to the California First Amendment Coalition, after a 10-year post as legal counsel for the California Newspaper Publishers Association. He has served as an advisory panel member to the National Center on Courts and the Media; taught journalism law at the Department of Communication at Stanford University; and served as an expert contributor to the 1994 major revisions to the Ralph M. Brown Act and the 2004 ballot proposition making open government a basic right of citizens under the California Constitution. Francke is a 1967 graduate of the University of Notre Dame and a 1979 graduate of McGeorge School of Law, University of the Pacific. Prior to his legal career, Francke worked as a weekly newspaper editor and in military and local government public affairs positions.

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