April 13, 2020
A Washington Post piece that noted the lack of disclosure requirements in the current round of bailouts referred to efforts to force disclosures in the last bailout. It only noted a suit by Bloomberg to force the Fed to make disclosures:
“During the global financial crisis, the Federal Reserve refused to turn over to reporters the records of some of its emergency bank lending. Bloomberg, the media company, sued for their release and, in a case that went to the Supreme Court, won three years later.”
There were also major disclosures as a result of an amendment that Bernie Sanders got attached to the Dodd-Frank financial reform bill. Sanders’s amendment had the support of a number of very conservative Republicans, which together with more progressive Democrats gave Sanders the ability to force Dodd to include the amendment in the bill.
Comments