The issue is 231 "term sheets" that show the banks' names, amounts borrowed and collateral for the loans requested by Bloomberg News and Fox Business Network under the Freedom of Information Act. Each organization has separately sued the Fed for access to the documents.
The Fed has seven days to release the requested documents unless the court stays its decision. The Clearing House Association, a group of 20 commercial banks that was defending the lawsuit along with the Fed, will have 90 days to petition the Supreme Court to consider their appeal. The Clearing House has already said it will ask the high court to rule on the case.
“The real-world consequence of the panel’s decision will be serious, perhaps irreparable harm to the institutional borrowers whose information will be revealed,” the Fed wrote in its May 4 brief.