Fed Can't Shield Discount-Window Use

NEW YORK—A federal appeals court ruled Friday that the U.S. Federal Reserve's board of governors must disclose documents related to individual borrowing from its discount window and other "last resort" lending programs.

In separate rulings Friday, the U.S. Second Circuit Court of Appeals upheld a lower court's decision granting a request by Bloomberg LP's Bloomberg News for documents related to use of the Fed's discount window and other programs and vacated a separate ruling denying a request for documents by Fox News Network LLC's Fox Business.

Both news organizations had sought Fed documents under ...

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