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Judge Loretta Preska, who earlier this week ruled against the Fed in its long running FOIA lawsuit with Bloomberg, and demanded it disclose firms benefiting from and loan amounts handed out under various emergency order, has filed a stay on the original order and has awarded the Fed with a September 30 deadline to appeal the order.
Fed lawyer Kit Wheatley told Preska in a conference call yesterday that it could take 30 days for the Fed to get permission for an appeal from Solicitor General Elena Kagan, the administration’s top courtroom lawyer.
It argued disclosure threatened "irreparable harm to these institutions and to the board's ability to effectively manage the current, and any future, financial crisis."
The case and a similar one involving News Corp's (NWSA.O) Fox News Network LLC raise the issue of how much the public has a right to know about how the government is bailing out a troubled financial system.
The Fed was not immediately available for comment.
Preska directed the Fed's board of governors to file a notice of appeal and an emergency stay application with the 2nd U.S. Circuit Court of Appeals.
She also said Bloomberg will not, for now, insist on a search of "official files" at the Federal Reserve Bank of New York, after the central bank's representation that a search would likely be fruitless.