Fed loses bank disclosure appeal

The Federal Reserve will have to appeal to the Supreme Court if it wants to avoid having to disclose details of its emergency lending programmes to banks bailed out with taxpayer money during the financial crisis. The US Court of Appeals denied the Fed’s motion on Friday to rehear the case in which Bloomberg, the parent of Bloomberg News, and News Corp’s Fox News Network sought information on the US central bank’s emergency lending programmes that began in late 2007.