Washington, D.C. – In a letter today to Federal Reserve Chairman Ben Bernanke, Congressman Walter B. Jones (R-NC) urged the Federal Reserve to reconsider its decision to deny a Freedom of Information Act request by Bloomberg News regarding details of the Fed’s emergency loans to banks.

“I was disappointed to learn through recent press reports that the Federal Reserve is refusing Bloomberg News’ Freedom of Information Act (FOIA) request for details on the recipients of nearly $2 trillion in emergency loans from American taxpayers,” Congressman Jones wrote.

“At a time when many Americans have serious concerns about their own financial security, it is important for our nation to have confidence in the actions of the Federal Reserve,” Jones continued. “When taxpayer dollars are used to bail out financial institutions, the American people deserve full disclosure on who receives those funds and under what terms. Americans need to know how their hard-earned dollars are being spent.”

“I strongly urge you to immediately reconsider your decision to deny the Bloomberg News request. The Federal Reserve should know better than anyone that blocking transparency in financial markets will only delay America’s economic recovery,” Jones concluded.

For additional information, or to schedule an interview with Congressman Walter B. Jones, please contact Kathleen Joyce at (202) 225-3415.