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26 Aug, 2009 17:50

“Ruling on the Feds – small victory for Americans”

The court ruling that the US Federal reserve should open its books and reveal how money is spent is “a very small victory for 75 percent of Americans”, Nicole Kardell, a legal analyst, told RT.

According to the Monday ruling, the US Federal Reserve must reveal, within five days, which firms it has given emergency loans to.

It failed to convince Manhattan Chief U.S. District Judge Loretta Preska that the documents should be exempt from the Freedom of Information Act because their disclosure would harm borrowers’ competitive positions.

It'll be the first time America's money machine is forced to be transparent when it comes to splashing the cash.

Meanwhile, banks are worried that people might take money out of their accounts if they think that those banks are in trouble.