Fed to Release Emergency Lending Details, Sanders Says
The U.S. Federal Reserve is expected Wednesday to release data on financial institutions and foreign central banks to which it made more than $2 trillion in emergency loans during the financial crisis, according to a U.S. senator who has long been pushing the Fed to be more transparent in its actions. (Click for a guide to the data being released)
Sen. Bernie Sanders, (I., Vt.) plans to hold a conference call with the media Wednesday afternoon to discuss the data.
Sanders pushed for inclusion in financial overhaul legislation, approved by the Congress earlier this year, of a provision that forces the Fed to disclose the name of every company and foreign central bank that received aid from the Fed since late 2007. The Fed also must disclose the amount of assistance each entity received and disclose the terms under which funds were disbursed. (See a history of the Fed’s lending)
When the Senate adopted Sanders’ amendment to financial overhaul legislation, he said he hoped it would lift a “veil of secrecy” that surrounds the Fed.
The Fed is required to make the disclosure by Wednesday.
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