House Rep. Luna says criminally referring Powell to DOJ
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Yahoo
13 minutes ago
- Yahoo
Fed gets new legal headache with lawsuit seeking to make FOMC rate meetings public
The Federal Reserve got a new legal headache Thursday when a money manager sued Chair Jerome Powell and other central bank policymakers in a Washington, D.C. federal court, arguing it is violating a 1976 federal law by keeping its monetary policy meetings behind closed doors. The lawsuit from Azoria Capital asks the court to issue a temporary restraining order compelling the Fed's Federal Open Market Committee (FOMC) to let the public see its deliberations starting next Tuesday and Wednesday, when central bank policy makers gather in Washington to decide on their next interest rate move. The lawsuit comes as the Fed is under pressure on several fronts by President Trump, who is scheduled to visit Fed headquarters today along with other White House allies touring a $2.5 billion refurbishment of the central bank's National Mall buildings. Trump and other administration officials have criticized the project for its cost overruns. The firm bringing the new lawsuit against Powell and other members of the FOMC, Azoria, is led by CEO James Fishback, who is close to the Trump administration and served as an adviser to the Department of Government Efficiency, or DOGE. Last year Fishback used Trump's Mar-a-Lago Club as the setting to announce an anti-DEI exchange traded fund called the Azoria 500 Meritocracy ETF (SPXM) that this month began trading on the New York Stock Exchange. Azoria argues in its suit that 'by operating beyond public scrutiny, the FOMC is deliberately undermining the public accountability envisioned by Congress' and that if a firm such as Azoria does not have real-time access to FOMC deliberations, it 'cannot fully consider and protect itself against Federal Reserve policy shifts that can create volatility.' Azoria also states in its suit that it 'is deeply concerned that the FOMC, under Chair Jerome Powell, is maintaining high interest rates to undermine President Donald J. Trump and his economic agenda, to the detriment of American citizens and the American economy' and that current policy stance of the FOMC 'appears politically motivated.' Fishback made the administration aware of the suit before it was filed, according to a person familiar with the matter. The FOMC has not changed interest rates since Trump took office, as many policymakers argue more time is needed to assess how Trump's trade policies will affect inflation before reducing rates again. Trump has hammered Powell and the Fed repeatedly for this view, arguing that rates should be 3 percentage points lower. Investors don't expect the Fed to change rates at the meeting on July 29-30, although two Fed governors have said they could support a cut. The Fed's current policy stance, according to the suit filed by Azoria, 'raises serious questions about whether politics, not economics, are driving monetary policy. These questions emphasize the need for transparency from the FOMC.' The law in question cited by Azoria in its suit is the Government in the Sunshine Act of 1976, a law passed after President Nixon's Watergate scandal roiled Washington and led to calls for increased transparency of US government. The act requires that federal agencies keep their meetings open to the public. But it also allows for private meetings in cases covered as exemptions, including when the release of that information could be used in financial speculation. The Fed has cited that exemption in justifying why it holds closed meetings when discussing monetary policy. But Azoria says 'not all FOMC deliberations inherently trigger financial speculation' and that the law states that to claim one of these exemptions, the agency must vote to invoke it and then within one day publish an explanation of why it made that decision. Azoria said the FOMC has 'brazenly flouted this mandate' for five decades, holding nothing but closed meetings since 1977. 'The FOMC's decades-long policy of blanket secrecy is unlawful.' Alexis Keenan contributed to this article. Click here for in-depth analysis of the latest stock market news and events moving stock prices
The Hill
14 minutes ago
- The Hill
Only 13 percent see transparency on Epstein case: Fox News poll
Just 13 percent of voters in a new survey said that they think the Trump administration has been open and transparent with information in its probe of convicted sex offender Jeffrey Epstein's case. The Fox News poll, released late Wednesday, shows that Republicans were more favorable in assessing the Trump administration's handling of what's been dubbed the 'Epstein files,' but 60 percent of GOP respondents said they do not think the administration has been transparent. Meanwhile, 74 percent of Democrats and 64 percent of independents said they didn't think that the president had been open and transparent, according to the survey. Epstein, who was known in elite circles in New York and Florida, died in a New York City prison in 2019 while awaiting trial on sex trafficking charges. He was a former associate of Trump, but the two had a falling out decades ago. The Department of Justice (DOJ) and the FBI concluded its probe earlier this month, finding that Epstein didn't have a 'client list' that would connect his crimes to anyone else. Congress has become bogged down amid pressure to release more information on the case, though. House lawmakers left for their August recess as Democrats sought to force the release of more documents through efforts at the Capitol. 'There's no purpose for the Congress to push an administration to do something they're already doing,' House Speaker Mike Johnson (R-La.) told reporters during a news conference Wednesday. Johnson added that the chamber would take 'appropriate action' when it returns this fall if the Trump administration does not release more information. The latest poll also found that 19 percent of respondents surveyed said they had not been following the Epstein case, including a quarter of independents. Fox News surveyed 1,000 registered voters across the country from July 18-21 and the poll has a margin of error of 3 percentage points.
The Hill
14 minutes ago
- The Hill
Fired NJ prosecutor says she's prepared to take job
A New Jersey prosecutor selected by judges to replace President Trump's pick for U.S. attorney, Alina Habba, said Wednesday she is prepared to assume the role, despite having been fired by top Justice Department (DOJ) officials a day earlier. Desiree Grace, the prosecutor, said in a LinkedIn post that she's honored by her appointment 'on merit' and is ready to begin serving 'in accordance with the law.' 'I've served under both Republican and Democratic administrations,' she wrote in the lengthy post. 'I've been promoted four times in the last five years by both — including four months ago by this administration. Politics never impacted my work at the Department. Priorities change, of course, and resources are shifted, but the work and the mission were steady.' Grace's intention to abide by the judges' order heightens the standoff with senior Justice Department officials in Washington, who have doubled down in support of Habba continuing to lead the U.S. attorney's office for New Jersey. A former personal lawyer to Trump, Habba's 120-day interim term is set to expire this week. Her trial period has at times been contentious; two Democratic public officials faced criminal charges over an incident at a U.S. Immigration and Customs Enforcement (ICE) facility under her leadership. On Tuesday, the U.S. District Court of New Jersey issued a terse standing order declining to retain her, instead appointing Grace to serve in the role indefinitely after a private vote Monday. Attorney General Pam Bondi responded to the judges' decision by terminating Grace's employment. 'This Department of Justice does not tolerate rogue judges — especially when they threaten the President's core Article II powers,' Bondi wrote. Though Bondi said she removed Grace, it's not clear she had the authority to do so. Only the president is empowered to remove U.S. attorneys appointed by judges, legal experts previously told The Hill. Grace's post seemed to double as a goodbye message, despite her defiant words announcing readiness to assume the role. 'It has been the honor of a lifetime to represent the United States and to serve the people of New Jersey for the last nine years,' Grace said. 'There's no better place to work. There's no mission more important. 'How lucky I've been to be guided by nothing more than the genuine desire to do the right thing for the right reason each and every day,' she added.
