Latest news with #AzoriaCapital
CNN
2 days ago
- Business
- CNN
Judge rails against last-minute bid by Trump ally to open Federal Reserve interest rate meetings to the public
Federal agencies Interest rates Investing Donald TrumpFacebookTweetLink Follow 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.
CNN
2 days ago
- Business
- CNN
Judge rails against last-minute bid by Trump ally to open Federal Reserve interest rate meetings to the public
Federal agencies Interest rates Investing Donald TrumpFacebookTweetLink Follow 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.
Yahoo
2 days ago
- Business
- Yahoo
Judge denies request seeking to make Fed's FOMC rate meeting public this week
The Federal Reserve won a legal victory Monday when a federal judge denied a request for a temporary restraining order compelling the central bank's Federal Open Market Committee (FOMC) to open its rate deliberations to the public starting Tuesday and Wednesday. The request came as part of a lawsuit filed by money manager Azoria Capital against FOMC Chair Jerome Powell and other central bank policymakers in a Washington, D.C., federal court. The lawsuit alleged the Fed was violating a 1976 federal law by keeping its monetary policy meetings behind closed doors. 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 (DOGE). It argued that the Fed, by keeping its meetings closed to the public, was in violation of 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 a federal judge in Washington, D.C., Beryl Howell, ruled that the Sunshine Act does not apply to the FOMC because the FOMC is not an agency and is instead a "composite of several parts." The FOMC is comprised of Fed governors, who are appointed by the president, and regional Fed presidents, who are appointed by banks in their respective districts. Fishback, Azoria's CEO, noted in a statement after the hearing that the judge did not dismiss its entire case, "meaning Azoria's case for transparency and accountability from the Federal Reserve will proceed." "Azoria looks forward to continuing our case and fighting for transparency and accountability for all Americans." The lawsuit filed last week was one of several headaches for the Fed as the White House continues to pressure the central bank, 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. Trump and other top White House officials have also been hammering Powell for months over his wait-and-see rate stance and his insistence that more time is needed to assess how the president's tariffs will affect the path of inflation. Traders widely expect the Fed's Federal Open Market Committee to defy Trump and once again keep rates unchanged this Wednesday as the FOMC has for every other meeting so far in 2025. The market expects the first cut of 2025 to happen on Sept. 17, the third-to-last meeting of the year. Read more: How the Fed rate decision affects your bank accounts, loans, credit cards, and investments But at least two of Powell's colleagues are warming to Trump's near-term rate cut call, which could produce some disagreement this week behind closed doors in Washington. 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
2 days ago
- Business
- Yahoo
Judge denies request seeking to make Fed's FOMC rate meeting public this week
The Federal Reserve won a legal victory Monday when a federal judge denied a request for a temporary restraining order compelling the central bank's Federal Open Market Committee (FOMC) to open its rate deliberations to the public starting Tuesday and Wednesday. The request came as part of a lawsuit filed by money manager Azoria Capital against FOMC Chair Jerome Powell and other central bank policymakers in a Washington, D.C., federal court. The lawsuit alleged the Fed was violating a 1976 federal law by keeping its monetary policy meetings behind closed doors. 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 (DOGE). It argued that the Fed, by keeping its meetings closed to the public, was in violation of 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 a federal judge in Washington, D.C., Beryl Howell, ruled that the Sunshine Act does not apply to the FOMC because the FOMC is not an agency and is instead a "composite of several parts." The FOMC is comprised of Fed governors, who are appointed by the president, and regional Fed presidents, who are appointed by banks in their respective districts. Fishback, Azoria's CEO, noted in a statement after the hearing that the judge did not dismiss its entire case, "meaning Azoria's case for transparency and accountability from the Federal Reserve will proceed." "Azoria looks forward to continuing our case and fighting for transparency and accountability for all Americans." The lawsuit filed last week was one of several headaches for the Fed as the White House continues to pressure the central bank, 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. Trump and other top White House officials have also been hammering Powell for months over his wait-and-see rate stance and his insistence that more time is needed to assess how the president's tariffs will affect the path of inflation. Traders widely expect the Fed's Federal Open Market Committee to defy Trump and once again keep rates unchanged this Wednesday as the FOMC has for every other meeting so far in 2025. The market expects the first cut of 2025 to happen on Sept. 17, the third-to-last meeting of the year. Read more: How the Fed rate decision affects your bank accounts, loans, credit cards, and investments But at least two of Powell's colleagues are warming to Trump's near-term rate cut call, which could produce some disagreement this week behind closed doors in Washington. 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
Bloomberg
2 days ago
- Business
- Bloomberg
Trump Ally Loses Bid to Open July 29 Fed Meeting to Public
A federal judge in Washington denied a request by an investment firm led by an ally of President Donald Trump for public access to Tuesday's Federal Open Market Committee meeting. James Fishback's Azoria Capital sued Federal Reserve Chairman Jerome Powell and other Fed officials last week, claiming the central bank's decades-old practice of holding its monetary policy meetings behind closed doors violates the Sunshine in Government Act, which sets transparency requirements for federal agencies.
