Trump ally loses bid to open July 29 US Fed meeting to public

[WASHINGTON] A federal judge in Washington denied a request by an investment firm led by an ally of US President Donald Trump for public access to Tuesday’s (Jul 29) Federal Open Market Committee (FOMC) meeting.

James Fishback’s Azoria Capital sued US 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.

But US District Judge Beryl Howell said at a hearing on Monday that the Sunshine Act does not apply to the FOMC meeting. She said that she was denying Azoria’s request for an emergency order opening the Jul 29 meeting because the firm was unlikely to win its suit.

“Azoria looks forward to continuing our case and fighting for transparency and accountability for all Americans,” Fishback, the firm’s founder and chief executive officer, said in an e-mailed statement after the ruling.

The FOMC meets eight times a year to decide interest rates, releasing statements on its policy decisions immediately following the meetings. Powell holds press conferences half an hour after the release of the statements, answering reporters’ questions for about an hour.

Fishback, who launched the FSD, or Full Support for Donald, Political Action Committee earlier this month, has vocally backed the president in calling for Powell to lower interest rates. In its suit, Azoria said that access to FOMC meetings was necessary to determine if Powell or other Fed officials were basing rates decisions on politics. BLOOMBERG