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McKinley v Federal Deposit Insurance Corporation Board of Governors of Federal Reserve System #1

McKinley v Federal Deposit Insurance Corporation Board of Governors of Federal Reserve System #1

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Published by Vern McKinley
Complaint filed in U.S. District Court for the District of Columbia regarding FOIA requests made to FDIC and Fed
Complaint filed in U.S. District Court for the District of Columbia regarding FOIA requests made to FDIC and Fed

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Categories:Business/Law, Finance
Published by: Vern McKinley on Jul 10, 2009
Copyright:Attribution Non-commercial

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02/11/2012

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PlaintiffUNITEDSTATESDISTRICTCOURTFORTHEDISTRICTOFCOLUMBIA
----------------------------------------------------------J{
VERNMcKINLEY20745AshburnStationPlaceAshburn,VA20147
~f)
f)S"E
v.
FEDERALDEPOSITINSURANCECORPORATION550
17th
St.,NWWashington,DC20429-9990BOARDOFGOVERNORSOFTHEFEDERALRESERVESYSTEM
20th
andCStreet,NWWashington,DC20551
Case:1:09-cv-01263AssignedTo:Huvelle,EllenS.Assign.Date:7/8/2009Description:FOIAlPrivacyAct
'---
--
---
---
Defendants
----------------------------------------------------------J{
COMPLAINTFORDECLARATORYANDINJUNCTIVERELIEF1.ThisisanactionbyPlaintiffVernMcKinleypursuanttotheFreedomofInformationAct("FOIA"),5U.S.C.
§
552,asamended,seekingtovindicatethepublic'srighttoobtaingovernmentrecordsmaintainedbytheFederalDepositInsuranceCorporation(the"FDIC")andtheBoardofGovernorsoftheFederalReserveSystem(the"Fed"),agenciesoftheUnitedStatesgovernment,concerningtheFDIC'sandtheFed'suseofpublicfundstointerveneintheoperationsofprivatefinancialinstitutions.2.TheFDICandtheFedhaveinvokedlong-dormantpowersintheireffortstostabilizethefinancialsystemoverthepastoneandahalfyears.ThegovernmentdocumentsthatMr.McKinleyseeksarecentraltounderstandingandassessingthegovernment's1
 
responsetotheongoingfinancialcrisisintheUnitedStatesastheCongresscontemplatesfurtherchangesinfinancialsectorregulationandauthorities.3.Inresponsetothecrisis,theFDIChasreliedononeofitspowersofinterventiongrantedundertheFederalDepositInsuranceAct,commonlyknownasopenbankassistance(DBA),inordertobailoutprivatefinancialinstitutionsdesignatedbytheFDICassystemicallyimportant.TheFedhasusedananalogouspowerwherebyitisgrantedauthorityundertheFederalReserveActtointerveneinunusualandexigentcircumstances(UEC).Thesebailoutsareanalterativetoclosingafinancialinstitutionoutrightthroughreceivershiporbankruptcy.TheFDICandFedhavethepowertoinjectpublicfundsorotherwiseinterveneintheoperationsofso-calledsystemicallyimportantfinancialinstitutions.TheFDICandFedclaimthatallmannerofseriousadverseeffectsoneconomicconditionsandfinancialstabilityorcontagionwouldflowfromnotinterveninginthismanner.However,despitethemanifestpublicinterestinsuchmatters,noinstitution-specificinformationhasbeenpubliclyprovidedontheseexpectednegativeconsequences.Thus,whilethesetransactionsexposethepublictolargefinancialrisks,theFDICandFedhavenotgivenspecificinformationregardingthenegativeconsequencesthatwouldhaveflowedfromallowingtheinstitutionstofailoutright.4.Aspartofhisongoingresearchonthisissue,Mr.McKinleysoughtaccesstothisinformationundertheFOIA.Todate,theFDIChasprovidedtherequesteddocuments,butthecompleteredactionofkey,requestedinformationistosuchanextentastoevisceratetheusefulnessofthesedocumentsandthuswhatwasprovideddoesnotrepresenttherequestedinformationfromtheinitialFOIArequest.TheFedhasnotprovidedanydocuments.Consequently,Mr.McKinleybringsthissuittocompelthe2
 
FDICandFedtodischargetheirobligationsunderFOIA,sothatthepubliccanbeinformedofhowtheFDICandFedaresafeguardingpublicresources.JURISDICTIONANDVENUE5.Thiscourthasjurisdictionoverthisactionpursuantto28U.S.C.
§
1331becausethisactionarisesunderthelawsoftheUnitedStates,inparticular,5U.S.e.
§
552.Inaddition,thisCourthasjurisdictionoverthisactionpursuantto5U.S.C.
§
552(a)(4)(B),underwhich"thedistrictcourtoftheUnitedStatesinthedistrictinwhichthecomplainantresides,orhashisprincipalplaceofbusiness,orinwhichtheagencyrecordsaresituated,orintheDistrictofColumbia,hasjurisdictiontoenjointheagencyfromwithholdingagencyrecordsandtoordertheproductionofanyagencyrecordsimproperlywithheldfromthecomplainant,"becauseitiswheretheagencyrecordsaresituated.6.VenueisproperinthisDistrictpursuantto5U.s.e.§552(a)(4)(B)becauseitistheUnitedStatesDistrictCourtintheDistrictofColumbia.PARTIES7.PlaintiffVemMcKinleyisaprivatecitizenresidinginAshburn,Virginia.Mr.McKinleyhasworkedintheareasofbankingsupervisionandliquidation,depositinsuranceandcentralbankingforthepast24years,includingasanemployeeoftheFDICandFed.Basedonhisworkexperience,Mr.McKinleyhashadanumberofprofessionalarticlespublished,primarilybytheCatoInstitute,athinktanklocatedinWashington,D.C.ResearchforhismostrecentsuchworkforCatoInstitutewithco-authorGaryGegenheimer,"BrightLinesandBailouts,"ledhimtomakethisFOIAinformationrequestoftheFDICandFed.
't'O
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