Latest news with #NationalMall
Yahoo
a day 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
a day ago
- 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
Yahoo
a day ago
- Business
- Yahoo
White House takes Powell battle to Fed HQ with tour of $2.5 billion refurb
Renovations at the Federal Reserve are set to get a probing today when a group of Trump 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 President Trump's team and his allies — 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. 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 allies, some of whom 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
Yahoo
a day ago
- Business
- Yahoo
White House takes Powell battle to Fed HQ with tour of $2.5 billion refurb
Renovations at the Federal Reserve are set to get a probing today when a group of Trump 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 President Trump's team and his allies — 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. 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 allies, some of whom 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 Sign in to access your portfolio
Washington Post
2 days ago
- Entertainment
- Washington Post
A gift of Cicely Tyson's clothes is American history in satin and brocade
In 2003, members of the Presidential Commission tasked with developing the National Museum of African American History and Culture gathered in the Oval Office to mark their success. They stood behind President George W. Bush and watched as he signed legislation establishing a museum on the National Mall that would stand as a testament to the country's troubled past and be a clarion call for a more equitable future. A diverse, bipartisan group gathered around the Republican president. Republican lawmakers Rick Santorum (Pennsylvania) and Sam Brownback (Kansas) stood along with Democrats John Lewis (Georgia) and John B. Larson (Connecticut). Standing just over the left shoulder of the president was Cicely Tyson. The accomplished actress was the most petite figure in the frame, a slender woman dressed in a sweater plucked from her closet. Its black and white pattern recalled African mudcloth. With her hands folded in front of her and her eyes cast intently on the viewer, she stood out because of her erect posture and the hints of lost history in her attire. She was visual poetry in the midst of suit and tie prose. Tyson continued to use her wardrobe as a way of speaking up and speaking out in whatever room she entered. But that wardrobe became far more rarefied. More than two decades later, with that modest sweater seemingly lost to history, the African American Museum is the recipient of a trove of 17 elegant ensembles — including the grand hat she wore to Aretha Franklin's funeral that sparked countless tweets and memes. The collection was donated by designer B Michael and his husband and business partner Mark-Anthony Edwards. They are clothes that will help the African American Museum connect the past to the present in all its complexity. In the later years of Tyson's life, when her years of activism and artistry began to be acknowledged with a stream of accolades, awards and fancy invitations, she designated Michael as her designer of choice — her go-to guy. Their relationship was born in Michael's New York studio when she was 80 years old, and she asked him to dress her for Oprah Winfrey's 2005 Legends Ball. He did so in one of his bespoke designs: an exuberant white blouse with dramatic sleeves paired with a floor length black skirt with a sweeping train. That was the beginning of a fashion friendship that lasted until her death in 2021 at 96. 'I'm going to be very honest; it was not a collaboration. Because Cicely, you know, felt like she trusted me,' Michael said, during a conversation at the St. Regis Hotel in Washington. 'It was her decision to say, 'I think I have to exclusively begin to wear you.' And so, she just gave me free rein as a creator and she loved being surprised.' Michael, 68, was in the nation's capital to celebrate his and Edwards' donation and to consider the meaning of the gift in the context of the current political climate, as history is erased and division has become the de facto starting point of most every endeavor. Michael, who grew up in Connecticut, began his fashion career as a milliner in the late 1980s. It's an occupation that requires unique technical skills, but it also demands a tremendous amount of optimism for a version of fashion that is endangered. Michael believes in clothes that endure. He built a business focused on made-to-order garments for a client list that has included writer Susan Fales-Hill, Nancy Wilson, Phylicia Rashad and Vanessa Williams. His work is glamorous, precise and dignified. His fabrics are substantial and extravagant. They aren't easy or louche. His silhouettes, especially his sleeves, exude drama. There's nothing trendy or of-the-moment in his work. But it looks expensive. It looks important. And sometimes those are qualities that are far more necessary than simply being fashionable. Tyson was part of a generation of women who, even if not walking a picket line, carried themselves in a way that was itself a way of protesting against assumptions and prejudices, Michael said. 'They could wear couture, but wear it in a way that says 'I'm making a statement. It's like, this is who I am; this what I've achieved; and this is how I present myself.'' Wearing one of his dresses, with its pristine lining and perfectly calibrated seams, is a statement about 'personal identity, personal dignity, personal expression,' Michael said. 'But it's also to say, 'I can do this.' It's to say, 'We don't fit into your stereotype. I can be in this space.'' And then Edwards chimed in with an edit. 'I would slightly change that,' he said. 'It's not that 'I can be in this space,' but 'I am this space.'' 'I think because of where we are today, it's even more important that we live in our excellence. So many of us have achieved so much, but we are still silent in that excellence. And this is not to say you're being gaudy, or you're being, you know. No. This is to show up in your excellence at all times,' Edwards said. 'The women that I believe that wear your clothes, I believe they show up in their excellence. It needs to be loud. Because they're trying to drown it out.' It takes time for museums to receive promised gifts sometimes for the simple reason that it takes time for a designer to summon the will to part with their work. The conversation with Michael began 15 years ago, said Elaine Nichols, the museum's former costume curator. 'Cicely Tyson had to be represented in this museum because of her signature role' in its founding, Nichols said. 'The association with B Michael was the other piece' of the puzzle. In deciding which items to acquire, Nichols focused on those that were worn on memorable occasions, clothes that marked a cultural moment and remained in the designer's archive. And so the collection includes the red sheath and jacket Tyson wore when President Barack Obama presented her with the Presidential Medal of Freedom in 2016. Her gown for the 2014 White House State Dinner in honor of French President François Hollande is also part of the gift. It's a feathered velvet dress brushed with bronze with a round neckline and bell sleeves. But nothing stands out quite like the simple black brocade dress and black horsehair hat Tyson wore to the Detroit funeral of Aretha Franklin. Tyson wore the hat, with its wide rippling brim, for the entirety of the funeral, which lasted some eight hours. And it became a talking point about Black church traditions, the stature of Tyson within Black culture and how respect for Franklin — who was known for her own dramatic hats — could be communicated by a simple fashion choice. 'I'm in the suite getting Cicely ready,' Michael said. 'I zip Cicely's black dress up and then take out the hat. And she looked at it and she said, 'I'm not wearing that hat.' I said, 'Of course you are.' She said, 'I cannot wear that hat, it's much too big. People sitting behind me will complain.' And I said to her, 'No one is going to tell Cicely Tyson that your hat is blocking them' … I don't even know if I ever told her this, but I had a smaller hat with me. I always have a backup. Which I never presented.' 'I said, 'I think that this is a moment when it's a different kind of requirement.' And indeed, that was true. She couldn't just be there in a nice little hat. I mean, she really had to represent this whole life of Aretha Franklin and what she means to our culture,' Michael said. 'A diva talking to a diva, the queen talking to the queen mum if you will.' The gift to the museum was marked by a dinner, as such things are. A single, long table was set for about 70 people in the dramatic gallery just outside the museum's Contemplative Court, the quiet space with a towering fountain where visitors can consider the nation's story in full. For the evening, Michael was surrounded by admirers and customers, including musician Valerie Simpson and actress Anika Noni Rose. And examples of his work for Tyson, pieces that were still in his archive, were displayed all around on forms. They were beautiful works. They reflected her modest stature. Michael's designs reminded viewers that Tyson was not aiming to simply take up space; but to make clear that wherever she stood, that was where she belonged.
