Federal Judge Rejects Trump Ally Bid to Open Fed Rate Meetings

A federal judge in Washington, D.C. denied a request by Azoria Capital, an investment firm led by James Fishback, an ally of President Donald Trump, to force the Federal Open Market Committee (FOMC) to hold its upcoming monetary policy meeting in public. The firm argued that the Fed's closed-door meetings violate the Government in the Sunshine Act, which mandates open meetings for government agencies, but the judge ruled that the FOMC is not a government agency subject to this law. Judge Beryl Howell also questioned whether the lawsuit was being used as a publicity stunt to promote Azoria's new investment fund, noting Fishback's recent media appearances discussing the case. Although the request for a temporary restraining order was denied, the case will continue since the Fed's lawyers acknowledged that the FOMC meeting is jointly held with the Federal Reserve Board of Governors, which is subject to the Sunshine Act. Fishback insists on pursuing the lawsuit to increase transparency and accountability, expressing concerns that joint meetings might be used to circumvent legal transparency requirements. The ruling underscores the Fed's independence in conducting monetary policy free from political influence, a long-standing principle established by Congress.