Federal Reserve Board Chairman Jerome Powell arrives ahead of the Federal Reserve Board of Governors’ “Integrated Review of the Capital Framework for Large Banks Conference” at the William McChesney Martin Jr. Federal Reserve Board Building in Washington, DC on July 22, 2025.
Mandel Ngan | Afp | Getty Images
A U.S. District Court judge on Monday rejected a legal bid by an investment fund to force the Federal Reserve to open to the public a meeting on setting interest rates this week.
The ruling found that the Federal Open Market Committee is not a government agency subject to the federal “Sunshine Act” requiring open meetings, despite claims to the contrary in a lawsuit filed by Azoria Capital.
The FOMC is set to meet Tuesday and Wednesday.
Azoria had asked Judge Beryl Howell in federal court in Washington, D.C., to issue a temporary restraining order that would have opened those sessions to the public.
Howell’s decision upholding the FOMC’s half-century-old practice of meeting behind closed doors came shortly after she questioned whether the lawsuit is a publicity stunt by Azoria to generate interest in the new investment fund.
Howell noted that a court filing last week by Azoria mentioned that CEO James Fishback — who is an ally of President Donald Trump — discussed the suit in an interview on a Fox Business show, “Mornings with Maria.”
“I do note it’s very unusual,” Howell said, referring to the mention of the interview. “I’ve never seen information like this in such a certification.”
“And it made me think: Are you filing the … lawsuit to generate publicity for the launch of this new fund?” Howell said.
“I mean, the courts are very, very busy, and using the filing of a lawsuit as a business strategy to build publicity or generate interest in a new investment fund is not a particularly welcome development.”
Anne Mackin, a lawyer for Azoria, replied, saying, “Your honor, that is not the purpose.”
“The purpose of including that in the certificate of service is because local rule 65.1 requires us to list all of the efforts, everything that has happened to try to advise the other side about the lawsuit,” Mackin said.
“So that was simply included in the certification to emphasize that we’ve emailed these folks, and we have not, you know, heard responses back,” the attorney said.
Fishback, like Trump, has been critical of Fed Chairman Jerome Powell’s refusal to cut interest rates.
“Azoria 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,” Azoria’s suit said.
In a statement on X after Howell’s ruling, Fishback said, “The Federal Reserve’s lawyers conceded that tomorrow’s Federal Open Market Committee (FOMC) meeting is actually being jointly held with the Federal Reserve Board of Governors, which the Federal Reserve’s attorneys conceded is in fact subject to the Sunshine Act.”
“Azoria believes these joint meetings between the FOMC and Board of Governors may be an attempt to dodge the Sunshine Act and deny Americans their legal right to know what the Federal Reserve is actually doing,” Fishback said.
“Azoria looks forward to continuing our case and fighting for transparency and accountability for all Americans.”
