You can’t fault us for trying.
The Federal Reserve has emphatically rejected BankInnovation.net’s Freedom of Information Act request for copies of the purported memoranda of understanding between the Fed and Bank of America and Citigroup. In a letter dated Aug. 24, Jennifer J. Johnson, secretary of the Federal Reserve Board, informed us that our “request for information … is denied in full.” Ouch.
It has been reported that the Fed supposedly inked MOUs with Citigroup and BofA following their participation in the Supervisory Capital Assessment Program — otherwise known as the stress tests. What is interesting about the response we got from the Fed was that Johnson made a point of writing, “I neither confirm nor deny the existences of documents responsive to your request.” Make your own conclusions.
Apparently, BankInnovation.net is not the only shop getting the ol’ Federal Reserve stiff arm. Bloomberg is reporting that the Treasury Department asked the Federal Reserve for a public review of the Fed’s structure and governance. The Fed’s reply: take a long walk on a short pier, Timmy (or some version of that).