Fed gets 60-day delay on bailout disclosure

By Reuters
Posted Aug. 27, 2010 at 4:21 p.m.

A U.S. appeals court granted the Federal Reserve a 60-day delay in implementing a ruling to force the central bank to reveal details of its emergency lending programs to banks during the financial crisis.

The delay is 30 days shorter than the Fed requested and was granted in a two-sentence order by the U.S. Second Circuit Court of Appeals. It gives the Fed time to consider whether to appeal to the U.S. Supreme Court.

In March, the court had ordered the Fed to disclose the names of bailout recipients, amounts received and other information that Bloomberg LP, the parent of Bloomberg News, and News Corp’sFox News Network requested under the federal Freedom of Information Act.

The cases are Bloomberg LP v. Board of Governors of the Federal Reserve System et al, U.S. Court of Appeals for the Second Circuit, Nos. 09-4083, 09-4097.

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