A federal appeals court ruled Friday that the Federal Reserve Board must disclose documents related to individual borrowing from its discount window and other "last resort" lending programs.

In separate rulings Friday, the Second Circuit Court of Appeals upheld a lower court's decision granting a request by Bloomberg LP's Bloomberg News for documents related to use of the Fed's discount window and other liquidity programs, and it vacated a ruling denying a request for documents by Fox News Network LLC's Fox Business Network.

Both news organizations had sought Fed documents under the Freedom of Information Act and ultimately sued after the Fed denied their requests.

In a statement, a Fed spokesman said, "we are reviewing the decision and considering our options for reconsideration or appeal."

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