Judge rails against last-minute bid by Trump ally to open Federal Reserve interest rate meetings to the public
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A federal judge on Monday 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 and accused an investment firm of wasting the court's time.
The suit, filed last week by Azoria Capital, took aim at the half-century-long tradition of closed-door meetings by the Federal Open Market Committee, which is set to meet on Tuesday and Wednesday to set interest rates.
In its suit, Azoria said the practice violates the 'Sunshine Act,' a Nixon-era law requiring open access meetings by government agencies. US District Judge Beryl Howell in Washington, DC, denied the investment firm's request on the grounds that the FOMC is not a government agency and therefore is not subject to the Sunshine Act.
The Fed was established by Congress as an independent government institution so that it can make key decisions about the economy free from the influence of politics.
Howell decried Azoria's legal strategy as an 'eleventh hour argument,' given the fact that the suit was filed just last week despite the upcoming meetings being on the schedule for nearly a year.
'And it made me think: are you filing … this new lawsuit to generate publicity for the new fund?' Howell asked Azoria's attorney, referring to an upcoming launch of a new fund focused on companies impacted by artificial intelligence. She pointed to an appearance by Azoria's CEO James Fishback — a Trump ally and DOGE adviser — 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,' Howell added.
After Howell rejected the company's request for a temporary restraining order, Fishback said the lawsuit will continue. '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.
Howell's ruling Monday means that this week's upcoming FOMC meetings on interest rates will occur behind closed doors, per usual.
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