PRIVATE LOAN DOCUMENTS UNDER FEDERAL RESERVE EMERGENCY LENDING PROGRAMS ARE SUBJECT TO FULL PUBLIC DISCLOSURE BECAUSE THEY ARE NOT “PRIVILEGED OR CONFIDENTIAL” UNDER THE FREEDOM OF INFORMATION ACT’S EXEMPTION FOR TRADE SECRETS AND COMMERCIAL OR FINANCIAL INFORMATION: BLOOMBERG L.P. V. BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM

PETER J. BISCONTINI

The United States Court of Appeals for the Second Circuit affirmed decision of district court granting summary judgment in favor of news service on grounds that documents news service requested from Board of Governors of Federal Reserve System pertaining to loans made to private banks were not exempt from disclosure under the Freedom of Information Act because they were neither “obtained from” the borrowing banks nor “privileged or confidential” within the meaning of the Act’s exemption for trade secrets and commercial or financial information.
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