Trump Ally Sues Powell, Other Fed Officials To Block ‘Closed Door’ FOMC Meeting

Azoria Capital, headed by Trump ally and former Department of Government Efficiency (DOGE) adviser James Fishback, filed a lawsuit on Thursday against Federal Reserve Chairman Jerome Powell and other officials to gain public access to monetary policy meetings.

The lawsuit comes ahead of President Donald Trump’s visit to the Federal Reserve on Thursday afternoon after U.S. Treasury Secretary Scott Bessent called for an internal review of the central bank amid the $2.5 billion renovation of its headquarters. 

Markets were mixed ahead of his visit. The SPDR S&P 500 ETF (SPY) gained 0.16% and the Invesco QQQ Series 1 Trust (QQQ), which tracks the tech-heavy Nasdaq 100, rose 0.27%. Meanwhile, the SPDR Dow Jones Industrial Average ETF (DIA) drifted 0.45% lower. 

On Stocktwits, retail sentiment around SPY trended in ‘neutral’ territory while sentiment around QQQ was in the ‘bullish’ zone over the past day. 

“We’re seeking a temporary restraining order to block next week’s Federal Reserve meeting from happening behind closed doors,” Fishback said in a post on X, citing the Federal Reserve’s refusal to reduce interest rates to “undermine” President Trump’s economic agenda.

In the lawsuit, Azoria Capital said that the decades-old practice of holding Federal Open Market Committee (FOMC) meetings behind closed doors violates government transparency laws. It cited the “Sunshine Act”, which mandates openness in federal agency deliberations to ensure public accountability and transparency in government decision-making.

“The Act requires multi-member federal agencies to conduct their meetings open to the public, guaranteeing Americans a right to observe how potentially life-altering policies are being deliberated by policymakers (who are often unaccountable to the public at large and the communities they regulate),” the lawsuit read.

It accused the FOMC of operating “in the shadows” without transparency or oversight. “This degree of secrecy by a federal agency is without precedent,” the document said.

In addition to Powell, the lawsuit also named Michael Barr, Michelle Bowman, Christopher Waller, and others in their official capacities as members of the FOMC.

Read also: Chevron Gets Trump Administration’s Nod To Resume Oil Production In Venezuela: Report

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