July 11, 2012 | Case

Judicial Watch v. Board of Governors of the Federal Reserve System & Federal Open Market Committee (Case No.12-1114)

Judicial Watch, the public interest group that investigates and fights government corruption, announced today that it has sued the Board of Governors for the Federal Reserve System and the Federal Open Market Committee (FOMC), a committee within the Federal Reserve, for records detailing the Fed’s December 2011 taxpayer-funded bailouts of European Banks.  On December 14, 2011, Federal Reserve Chairman Ben Bernanke reportedly told Republican Senators that he did not have the intention or authority to use taxpayer dollars to bail out troubled European banks, but a “currency swap” program extended by the Fed on November 30, 2011, led to nearly $95 billion in loans to the European Central Bank in December 2011 alone.