Federal Reserve Interest Rate Meetings Remain Closed After Trump Ally’s Lawsuit Dismissed
A federal judge has denied a request by a Donald Trump ally to force the Federal Reserve committee responsible for directing US monetary policy to make its meetings publicly accessible.
The decision was made by US District Judge Beryl Howell in Washington, DC, who rejected the lawsuit filed by Azoria Capital, an investment firm founded by James Fishback, a Trump ally and DOGE adviser.
The suit took aim at the half-century-long tradition of closed-door meetings by the Federal Open Market Committee (FOMC), which is set to meet on Tuesday and Wednesday to set interest rates.
In its suit, Azoria claimed that the practice violates the ‘Sunshine Act,’ a Nixon-era law requiring open access meetings by government agencies. However, Judge Howell denied the request, ruling that the FOMC is not a government agency and therefore is not subject to the Sunshine Act.
The Federal Reserve was established by Congress as an independent government institution to make key decisions about the economy free from the influence of politics.
Howell criticized Azoria’s legal strategy, saying that the company was trying to generate publicity for an upcoming launch of a new fund focused on companies impacted by artificial intelligence. She also pointed to an appearance by Fishback on Fox Business last week where he discussed the lawsuit.
‘The courts are very, very busy. Using the filing of a lawsuit as a business strategy … is not a particularly welcome development,’ Judge Howell said.
Azoria’s CEO, James Fishback, said the lawsuit will continue, despite the rejection. ‘Azoria looks forward to continuing our case and fighting for transparency and accountability for all Americans,’ he said in a statement.
The saga is the latest in a string of attempts by the Trump administration to force change within the Federal Reserve. Last week, the president publicly clashed with Fed Chair Jerome Powell on a visit to observe renovations at the central bank.
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