So What Exactly is "Systemic Risk"?

A recently-filed lawsuit seeks to an answer to this question. Plaintiff Vern McKinley is suing the FDIC and the Federal Reserve to get answers to his FOIA requests on last year's bailouts. The Wall Street Journal reports on McKinley's efforts:

Last December, Mr. McKinley sent a FOIA request to the Fed to find out what Fed governors meant when they said a Bear Stearns failure would cause a "contagion." This term was used in the publicly-released minutes of the Fed meeting at which the central bank discussed plans by the Federal Reserve Bank of New York to finance Bear's sale to J.P. Morgan Chase. The minutes contained only the vague warning of doom, without any detail on how exactly the fall of Bear would destroy America. Mr. McKinley's request sought the supporting documents for this conclusion.

He also requested minutes of the autumn FDIC board meeting at which regulators approved financing for a Citigroup takeover of Wachovia. To provide this assistance, the board had to invoke the "systemic risk" exception in the Federal Deposit Insurance Act, and therefore had to assert that such assistance was necessary for the health of the financial system. Yet days later, Wachovia cut a better deal to sell itself to Wells Fargo, instead of Citi. So how necessary was the FDIC's offer of assistance?

After Mr. McKinley sued the agency this summer, the FDIC coughed up a previously undisclosed staff memo to the FDIC board. Again, the agency redacted the substance, providing roughly two pages of text from the nine-page original. The section of the memo titled "Systemic Risk" was entirely erased. As for the Fed, it blew off Mr. McKinely's initial request and has since responded mainly with some highly uninformative letters from the Fed staff to Congress.

More here.

Judge orders fed. govt. to release documents

From the AP:

A judge has ordered the federal government to turn over documents related to the shooting of a fleeing drug smuggler or to explain why it is withholding them. The shooting led to the imprisonment of two Border Patrol agents and later a commutation of their sentences by President George W. Bush. The judge, Richard Leon of Federal District Court, acted in response to a suit by Judicial Watch, a conservative watchdog group, which got no response from the Departments of State, Justice and Homeland Security after filing Freedom of Information Act requests two years ago for records relating to the smuggler, Osvaldo Aldrete Davila. Judicial Watch says it wants the government’s records to answer questions about the prosecution of the agents and how regularly the Justice Department offers immunity to drug smugglers to help prosecute law enforcement officers.

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Still time to submit your vote for most wanted unclassified document

More than 80 suggestions have been received so far by the Center for Democracy and Technology and Open the Government, Nextgov reported. March 9 is the deadline to vote. Look for the results during Sunshine Week, March 15-21.

Also, Recovery.gov is now online and will include a searchable database of stimulus-related spending.

Less than a month after President Obama gave administration officials 120 days to develop a governmentwide transparency directive, watchdogs are compiling a list of the 10 "most wanted" unclassified government documents currently unavailable in an easily accessible format.

ShowUsTheData.org, a project just launched by the Center for Democracy and Technology and Open the Government, has received more than 80 suggestions so far, with financial industry bailout funds and Congressional Research Service reports topping the list. Other popular requests include details on the rationale for and usage of USA PATRIOT Act powers, congressional voting records, and memoranda from the Justice Department's Office of Legal Counsel.

Internet users have until March 9 to vote for the unclassified information or data they most want to see posted or updated. The results will be released during Sunshine Week, March 15-21.

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Vote for your 10 most wanted

The FOIA blog reported that a new Web site is collecting citizens' votes on what government records should be open to the public. The deadline to request a document and vote is March 9.

OpenTheGovernment.org and the Center for Democracy and Technology has launched a website entitled Show Us the Data: The Most Wanted Federal Government Documents, with the help of Sunlight Labs.

This website gives users the opportunity to vote on what what government information should be freely available on line in a usable format, but is not.

More here.

New online repository for fed. docs goes live

You could always Google whatever federal document you're looking for, but the new Federal Digital System will now house the originals along with an archive of documents released by the White House Press Office.

The Government Printing Office today launches Federal Digital System (FDsys), the new online home for original federal documents.

Users will eventually be able to search for information from the government's 50 different collections. The site currently hosts the eight most-popular collections, including the Federal Register, the Congressional Record and archive of Congressional hearings. The other collections will be added to the site by this summer, according to GPO's chief information officer Mike Wash.

The new site also marks the launch of the Federal Register's new Daily Compilation of Presidential Documents, an archive of executive orders, speeches and other information released by the White House Press Office. The daily online compilation replaces the printed Weekly Compilation of Presidential Documents.

More here.