A U.S. District Court judge on Monday denied a request from an investment fund seeking to force the Federal Reserve to open its upcoming interest rate meeting to the public. The judge ruled that the Federal Open Market Committee (FOMC) is not a government agency subject to the federal Sunshine Act, which requires certain meetings to be open.
The FOMC is scheduled to meet on Tuesday and Wednesday, but the investment fund Azoria Capital had asked for a temporary restraining order to make those sessions public. Judge Beryl Howell expressed skepticism about the lawsuit, suggesting it might be a publicity effort tied to the launch of Azoria’s new investment fund. Howell noted that Azoria’s CEO, James Fishback—an ally of President Donald Trump—discussed the case in a recent television interview. The judge questioned whether the lawsuit was intended more to attract attention than to seek a legal remedy, emphasizing that courts are busy and should not be used as marketing tools.
Azoria’s attorney countered that the mention of the interview was required by court rules to document their attempts to notify the other side about the suit. Azoria’s complaint criticizes Fed Chair Jerome Powell’s decision to maintain high interest rates, accusing the FOMC of acting against President Trump’s economic agenda and harming the U.S. economy.