Obama Lawyers Say Ruling on Fed Loan Disclosure Should Stand
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The U.S. Supreme Court should reject a banking industry appeal aimed at stopping release of details about the Federal Reserve’s emergency 2008 bank loans, the Obama administration said as it changed course on the corporate secrecy case.
A group representing the largest U.S. commercial banks is seeking review of a federal appeals court decision requiring disclosure of the lending records. Government lawyers yesterday urged the justices to leave that ruling intact, even while criticizing it as improperly forcing release of commercially sensitive information.