During the financial crisis, the U.S. Congress, Federal Reserve, Treasury Department and Federal Deposit Insurance Corporation, developed the Emergency Economic Stabilization Act of 2008 to shore up financial institutions by purchasing mortgage-backed securities, and loaning cash directly to banks and bank holding companies.

As a result, the Federal Reserve developed a program for those banks and financial institutions to access the discount window which is not normally subject to publication.

As part of investigative reporting conducted by journalists Mark Pittman and Bob Ivry, Bloomberg L.P. was denied a request to the Federal Reserve, under the Freedom of Information Act, for disclosure of borrower banks and their collateral.

On August 24, 2009, Chief U.S. District Judge Loretta Preska ruled that the Federal Reserve had until September 14 to disclose the information.

[3] March 19, 2010, a unanimous three judge panel of the appeals court ruled the Federal Reserve Board must release the documents.