Latest news with #NationalMall
Washington Post
a day ago
- Science
- Washington Post
The Smithsonian's reopened Air and Space Museum is an elevated experience
Walk off the National Mall and through the new glass entrance of the National Air and Space Museum, and you're greeted by some of the most important and recognizable flying machines in history. A model of the Lunar Module, the craft that ferried Neil Armstrong and Buzz Aldrin to the moon's surface, wrapped in shiny gold-colored protective film, immediately catches the eye. It's along the same wall as Friendship 7, the capsule in which John Glenn became the first American to orbit the Earth. An array of aircraft overhead includes Chuck Yeager's sound-barrier-breaking 'Glamorous Glennis' rocket plane.
Yahoo
3 days ago
- Business
- Yahoo
Fed gets fresh 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. The lawsuit alleges the Fed is violating a 1976 federal law by keeping its monetary policy meetings behind closed doors. Azoria Capital's lawsuit asks the court to issue a temporary restraining order compelling the Fed's Federal Open Market Committee (FOMC) to open its deliberations to the public starting Tuesday and Wednesday, when central bank policymakers gather in Washington to decide on their next interest rate move. This comes as the Fed is under pressure on several fronts by President Trump, highlighted by an unusual presidential visit to the central bank for a tour of the $2.5 billion refurbishment of its National Mall buildings. Trump and other administration officials have criticized the project for its cost overruns. Azoria Capital, the money manager bringing the new lawsuit against Powell and other members of the FOMC, is led by CEO James Fishback, who is close to the Trump administration and served as an adviser to the Department of Government Efficiency (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), which began trading this month 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 the FOMC's current policy stance "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 that more time is needed to assess how Trump's trade policies will affect inflation. Trump has repeatedly hammered Powell and the Fed for this view, arguing that rates should be three 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. Read more: What experts say about the possibility of additional rate cuts The Fed's current policy stance, according to Azoria's suit, "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, passed after President Richard Nixon's Watergate scandal roiled Washington and led to calls for increased transparency in the US government. The act requires federal agencies to 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 Sign in to access your portfolio
Yahoo
4 days ago
- Business
- Yahoo
Fed gets fresh 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. The lawsuit alleges the Fed is violating a 1976 federal law by keeping its monetary policy meetings behind closed doors. Azoria Capital's lawsuit asks the court to issue a temporary restraining order compelling the Fed's Federal Open Market Committee (FOMC) to open its deliberations to the public starting Tuesday and Wednesday, when central bank policymakers gather in Washington to decide on their next interest rate move. This comes as the Fed is under pressure on several fronts by President Trump, highlighted by an unusual presidential visit to the central bank for a tour of the $2.5 billion refurbishment of its National Mall buildings. Trump and other administration officials have criticized the project for its cost overruns. Azoria Capital, the money manager bringing the new lawsuit against Powell and other members of the FOMC, is led by CEO James Fishback, who is close to the Trump administration and served as an adviser to the Department of Government Efficiency (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), which began trading this month 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 the FOMC's current policy stance "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 that more time is needed to assess how Trump's trade policies will affect inflation. Trump has repeatedly hammered Powell and the Fed for this view, arguing that rates should be three 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. Read more: What experts say about the possibility of additional rate cuts The Fed's current policy stance, according to Azoria's suit, "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, passed after President Richard Nixon's Watergate scandal roiled Washington and led to calls for increased transparency in the US government. The act requires federal agencies to 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
Yahoo
7 days ago
- Business
- 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 money manager bringing the new lawsuit against Powell and other members of the FOMC, Azoria Capital, 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 Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
24-07-2025
- Business
- Yahoo
Trump and White House take their Powell battle to Fed HQ
Renovations at the Federal Reserve are set to get a probing today when President Trump and his allies make a visit to the central bank's headquarters on the National Mall after weeks of mounting criticisms over the $2.5 billion renovation. The high-profile construction site tour is also just one of numerous political pressure points being put before Chair Jerome Powell by Trump and his team — even as the latest rhetoric from the president and Treasury Secretary Bessent have downplayed the chances of any imminent attempt to fire the central banker. "In eight months, he'll be out," Trump noted on Tuesday, with Bessent adding Wednesday "we're in no rush" to change leadership as both men also showed no signs of making Powell's life simpler anytime soon. Bessent said Wednesday night on Fox News that a new chair nominee would be announced in December or January. In short, Powell's job is looking slightly more secure this week — but the central bank chief's problems clearly aren't going away. Up first is today's visit from Trump at 4 p.m., according to the White House. Some of the other Trump allies due to tour the Fed sit on the National Capital Planning Commission, which could go so far as attempting to stop ongoing construction pending further review. Then in the coming weeks, Powell will wrestle with calls for an "exhaustive internal review" of how the Fed operates as well as pressure from Republicans on Capitol Hill that could ramp up in the fall. There's even a long-shot call for the Department of Justice to get involved and look at Powell personally. And it comes as Powell is set to gather the Federal Open Market Committee (FOMC) next week for another interest rate decision that markets and many analysts say is pushing all of Trump's actions as the president continues a daily pressure campaign to press the central banker and his colleagues to cut interest rates. Read more: How the Fed rate decision affects your bank accounts, loans, credit cards, and investments Up first: A high profile site tour Up first is a tour of the Federal Reserve headquarters at the behest of Trump allies recently appointed to the National Capital Planning Commission (NCPC). James Blair, one of Trump's deputy chiefs of staff, is a new member of the NCPC and has leveled a series of attacks on Powell for weeks now over the building cost overruns, even charging at one point, "What do they not want us to see?" The charges are ones that the central bank has repeatedly defended itself against, even going so far as publishing a page on its website devoted to the renovations, saying the increased costs came because of increased material cost and "unforeseen conditions" like asbestos, toxic contamination in the soil, and a higher-than-expected water table. The costs of the project have grown from around $1.9 billion to $2.5 billion after the Fed submitted designs to the NCPC and received approval from that agency in 2020 and 2021. The two buildings, Powell added in a recent note, were in need of "significant structural repairs" after they had not had a comprehensive renovation since they were built in the 1930s. The changes, argue Trump allies like White House budget director Russell Vought, could mean the project is out of compliance with the approved plan — leading to a possible standoff as to whether the central bank needs to resubmit to the NCPC. Powell is clearly looking to avoid that scenario, writing that the bank "does not regard any of these changes as warranting further review," but White House officials are sending a different message. "We want to see it for ourselves," Blair recently told reporters, adding he is also looking to obtain "all of the revised plans since 2021." In addition to Blair and Vought, today's tour is also expected to include Federal Housing Finance Agency Director Bill Pulte, who has emerged as another vocal Powell critic. Pulte has even gone so far as to travel to the site already to film a video as he called the construction costs "very disturbing." Other key pressure points This week's site visit comes as Powell is also weathering an array of pressure points, with many lines of inquiry ongoing from Capitol Hill. Rep. Dan Meuser of Pennsylvania is a subcommittee chair on the House Financial Services Committee and told Semafor this week that he is weighing a congressional investigation of the Fed — even as his Senate colleagues have shied away from that idea. And Rep. Anna Paulina Luna of Florida, another Trump ally, even formally requested that the DOJ investigate Powell for perjury over comments in June around the renovations. That is seen as a long shot at best. Perhaps more pressing is that House Speaker Mike Johnson said in an interview with Bloomberg reporters and editors this week that he is "disenchanted" with Powell and even open to modifying the 1913 act that created the Fed. That would be a major change but is not expected to be before Congress in the near term, as the House of Representatives went home Wednesday evening for a recess that is scheduled to last for the rest of the summer. Treasury Secretary Bessent has also called for an "exhaustive internal review" of the Fed, saying it could be Powell's "legacy" as he accused the central bank of mission creep in its non-monetary policy activities. Trump has signaled his support for the effort, and some observers say this could be the most consequential change — if the idea gains steam and looks to reshape how the central bank operates. A recent note from Signum Global Advisors called this potentially "an even more holistic reshaping of the Fed than a 'mere' dismissal of Chair Jerome Powell," adding it's an effort that could extend even beyond the end of Powell's chairmanship. Ben Werschkul is a Washington correspondent for Yahoo Finance. Click here for political news related to business and money policies that will shape tomorrow's stock prices Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
