Fox Business Sues Federal Reserve Over Bailout

Spokesperson says Fed has refused to hand over requested documents
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Fox Business Network is suing The Board of Governors of The Federal Reserve System over its failure to hand over documents concerning the government bailout.
FBN filed a pair of Freedom of Information Act requests in November, asking for a list of the financial institutions receiving funds, how much they have been given and the collateral given to secure the loans.
According to an FBN spokesperson, the Fed has refused to hand over the documents requested, spurring the legal action.
The lawsuit is the second filed by the network, with a similar suit filed against the U.S. Treasury Department last month.
“The government has power over possibly trillions of the taxpayer’s money and the fact that they are denying requests for enhanced transparency on the distribution of those funds is appalling,” said Steven Mintz, Esq., of Mintz & Gold LLP, and legal counsel for the network in a statement. “Therefore, we have filed a complaint in federal court in New York and ask the Court to make the Fed provide the information sought by the journalists at FBN.”