On March 21, 2011, the US Supreme Court denied certiorari in the case of Clearing House Association, LLC v. Bloomberg, LP. The Court's refusal allowed an earlier decision from the US Court of Appeals for the Second Circuit to stand, which required the Federal Reserve to release information regarding loans made to various banks during the 2008 financial crisis. The suit [PDF] arose when Bloomberg sued the Federal Reserve under the Freedom of Information Act (FOIA). The Federal Reserve has a duty to release information under the Dodd-Frank Wall Street Reform and Consumer Protection Act, which was signed into law in July 2010. The legislation also created the Financial Stability Oversight Council to monitor financial institutions.
Learn more about the laws governing the Federal Reserve and 2008 financial crisis from the JURIST news archive.