Under pressure from Congressional critics like Ron Paul, Alan Grayson, and Barney Frank, the Federal Reserve may reveal the names of foreign banks it has lent money to.
WSJ: The Federal Reserve, under pressure from Congress to be more transparent, is “giving serious consideration” to releasing the names of firms that receive loans from the central bank, a top Fed official said Friday.
At a House hearing, Fed General Counsel Scott Alvarez struck a conciliatory tone when a top lawmaker indicated that he wanted more information revealed about the Fed’s loans.
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. He said he wanted to include a provision to do so in coming legislation.