An investment firm run by an ally of President Trump has filed a lawsuit demanding the Federal Reserve opens it policy making meetings open to the public.
Bloomberg reports James Fishback’s Azoria Capital is demanding public access to the closed-door meetings of the Federal Open Market Committee, claiming the central bank is violating government transparency laws. Fishback, who founded a political action committee supporting Trump, claimed the Fed under the leadership of Chairman Jerome Powell was seeking “to undermine President Donald J. Trump and his economic agenda” by keeping rates at their current level.
“It’s never been more confusing to understand why the Fed is doing what it’s doing,” said Fishback, adding his lawsuit was designed to “fight for folks to have a right to see what is actually happening behind the scenes.”
The Fed, which will host its next meeting on rates from July 29-30, did not comment on the lawsuit, which comes amid an ongoing pressure campaign by the Trump administration to influence the Fed to lower rates.
The case is Azoria Capital v. Powell, 25-cv-02388, US District Court, District of Columbia (Washington).
Thank you. In my opinion, rates were kept artificially low, to help the Biden administration, and are being kept artificially high, to hurt Trump.
The Fed is blatantly Left Wing. It supports the Demonkrap Party in its rate setting. The Federal Reserve itself is unconstitutional and should be ABOLISHED!!
SO TRUE!!!
Go get ’em! Too slow Powell
Actually, both Trump first term and Biden term caused the inflation with the extra COVID funds and loan programs (mostly forgiven) that spurred on spending when there was reduced productivity with many people not working an unemployed. By the time the economy came roaring back to life, it was too late to catch inflation with higher interest rates, but rate increase were absolutely necessary and they happened rapidly before Trump ever got back in office. Now they need to stay that way until inflation is in check, and it’s getting there. But then Trump came along with extreme tariffs, which increases prices to the buyers (us, the people), and since we’re in relatively uncharted territory with the extremity of the tariffs, and a pretty good idea of what the outcome will be (inflation) the Fed is staying cautious and not lowering rates yet. The next 2 months will start giving the biggest indicators of whether inflation from tariffs is hitting. Last time I checked overall employment is still solid, wall street keeps hitting new highs and plenty of profits, so I fail. to see how anyone things high rates are holding the economy back. Back from what? What is the outcome you envision?
I think inflation is still too high. However I also think rates should be lower.
So are going to let economically ignorant people like trump & Navarro tell highly educated & economic experts what to do. Only in America do we never solve problems and push for insane ideas.
Absolutely the meetings should be open to the public. Complete transparency.