Federal Reserve under pressure from Congress to disclose identifying borrowers from its regular lending programs
Fred Day
Sep. 26, 2009

Rep. Barney Frank (D., Mass.), chairman of the House Financial Services Committee, said the central bank's loans and securities transactions should be disclosed, with a lag to avoid a short-term influence on financial markets.

"You don''t have a right to go to a federal agency, borrow money [and] keep it secret forever," Mr. Frank said of financial institutions.

"We don''t want public entities buying and selling securities with nobody ever knowing," he said. "We want there to be publicity. We don''t want there to be a market effect in the near term."

The Fed has long resisted identifying borrowers from its regular lending programs -- such as the discount window, which provides short-term loans to banks -- fearing disclosure could discourage use of the programs by firms that need support.

Federal Reserve under pressure from Congress to disclose identifying borrowers from its regular lending programs
Fred Day
Rep. Barney Frank (D., Mass.), chairman of the House Financial Services Committee, said the central bank's loans and securities transactions should be disclosed, with a lag to avoid a short-term influence on financial markets.
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