On Friday, Federal Reserve Board was asked to release all its secret documents showing financial firms that received public money under emergency loan through its discount window and bail-out.

In November 2008, Fed was sued under the Freedom of information Act by Bloomberg News. It was also seen that Fox News had also filed a similar case to suit Fed.

According to Bloomberg, it was seen that Fed was trying to seek into the reports, which showed hundreds billions of dollars it had lent to banks. In the argument Fed said, that the information in the reports was private and protected and could not be released. Later, the court wrote that the arguments were valid and forcefully made.

Later Lou Crandall, Chief Economist at Wrightson ICAP LLC in Jersey City, New Jersey, said that because the investors couldn't fund their positions they were being forced out of the securities market even in higher quality assets.

"Removing the 23-A exemptions shows the Fed wants to get back to normal", said Laurence Meyer, a former Fed Governor and Vice Chairman of Macroeconomic Advisers LLC in Washington. Later, he also mentioned that everything was normal except the monetary policy.

On behalf of the Fed, the Clearing House Association said that the appeal to the Supreme Court would be considered and was unhappy by its ruling.