JUDGE RULES IN FED RESERVE CASE

23 Nov 2009 // Washington, D.C. - On November 19, 2009, U.S. District Court Judge Richard W. Roberts granted summary judgment for defendant Board of Governors of the Federal Reserve System (Board) in CREW v. Board of Governors (D.D.C.), based on his finding that CREW had failed to exhaust its administrative remedies under the Freedom of Information Act (FOIA) before filing suit. In March 2009, CREW filed a FOIA request with the Board seeking documents that identify those financial institutions to which the Board has provided loans and the collateral they pledged in return for the loans. CREW also sought expedited processing in light of the critical need for public access to information that explains how the Board has spent trillions of dollars and the secrecy in which the Board has operated. When the Board failed to grant CREW expedition within the required 10 business days, CREW filed suit. Only then did CREW learn the Board had granted its request for expedition and also granted itself a 10-day extension to respond substantively to CREW’s request. Under these circumstances, the Court ruled, CREW was required to await the Board’s response and exhaust administrative appeals before filing suit. CREW still has pending a second lawsuit based on an updated FOIA for similar documents it made on August 31, 2009.

Click here to read Judge Roberts' opinion.