The New York Fed claims exemption 3
NYFED Denies My Appeal For Records Regarding Credit Facilities(SPVs)
As I’ve made clear a number of times, these three facilities were the only facilities to not disclose transaction records. Why? They specifically benefit banks and corporations. These facilities were launched before the CARES ACT(required monthly release of transactions for other facilties) and therefore the Fed is not required to disclose their lending for ONE YEAR AFTER the Special Purpose Vehicle ends lending. So we are still over half a year a way before we know the transaction details; the Fed is able to postpone release of these records after a year of they believe its necessary. You’ll find that the Treasury still provides “Contributions” for each facility to prevent the Fed from incurring losses—the Fed is self-funded and therefore losses could cause the Board and others a predicament on funding salaries and retirement…it would take a big disaster for this to occur and the Fed can always work their tricks, after all, they have their own accounting standards too!) Another aspect I’ve highlighted about the use of the Fed’s Emergency facilties is the role the Treasury plays. For the Fed to use emergency facilities they first must receive approval from one and only one perso–Treasury Secretary Janet Yellen–ya know, former Fed Chairman. What most people are not aware of is that the Treasury Secretary uses the Treasury General Account(TGA) for all of the expenditures and obligations of the U.S.; the other lesser known account is the Exchange Stabilization Fund(ESF), which has over 100 Billion Dollars! The absolute lunacy regarding this fund is that Janet Yellen has sole discretion over the funds and no government employee can prevent or see the transactions; transactions are disclosed to Congress one month after. I’ll have more on this later.