The appellate court's three-judge panel upheld the decision of Chief Judge Loretta Preska of the U.S. District Court for the Southern District of New York, which ordered the Fed to produce the records to Bloomberg News pursuant to the media outlet's FOIA request [See "TUOL" posting 8/26/09]. The information involves loans made in April and May of 2008 by the Federal Reserve to quell the financial crisis consuming banks.
The Second Circuit decision said FOIA favors disclosure and found the Federal Reserve had no basis for an exemption under the act. The Court suggested the Fed should look to Congress to amend FOIA if it believes the national interest would be served by such an exemption.
No word on whether the Fed intends to appeal the decision.
I suspect the Fed will appeal, and if it does, let's hope the two affirmative decisions are upheld. Many of us would like a closer look.
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