A U.S. judge dismissed the request for the Federal Reserve to disclose interest rate decisions, calling it a publicity stunt
A judge of the U.S. District Court dismissed the legal request from investment fund Azoria Capital for the Federal Reserve to disclose the minutes of its interest rate meetings, stating that the FOMC does not fall under the government agencies defined by the Sunshine Act and therefore does not need to disclose meeting content. Judge Beryl Howell pointed out that Azoria may be using this lawsuit to attract media attention and express dissatisfaction with Fed Chairman Jerome Powell's high interest rate policies, claiming they harm the interests of the U.S. economy
According to the Zhitong Finance APP, a judge from the U.S. District Court on Monday dismissed a legal request from an investment fund attempting to force the Federal Reserve to publicly disclose its interest rate meeting this week. The ruling confirmed that the Federal Open Market Committee (FOMC), responsible for setting U.S. monetary policy, is not a government agency as defined by the federal "Sunshine Act," and therefore does not need to open its meetings to the public.
The lawsuit was filed by the newly established investment fund Azoria Capital. The fund sought a temporary restraining order from the federal court in Washington, D.C., requesting the judge to compel the FOMC to make its interest rate decision meeting, scheduled for this Tuesday and Wednesday, open to the public.
However, Judge Beryl Howell, who presided over the case, rejected the request, noting that the FOMC's long-standing practice of "closed-door meetings" does not violate current law. She emphasized that the FOMC does not fall under the definition of a "government agency" as outlined in the Sunshine Act, and thus has no obligation to disclose the content of its meetings.
Notably, Judge Howell raised concerns during the hearing, suggesting that Azoria may not genuinely seek transparency but rather is using the lawsuit to gain media attention and promote its new fund.
She pointed out that Azoria had proactively mentioned its CEO James Fishback discussing the lawsuit on a Fox Business Channel program in court documents last week, stating, "I find this very unusual. I have never seen such content appear in legal certification documents."
Azoria expressed dissatisfaction with Federal Reserve Chairman Jerome Powell in its complaint. The fund claimed that the Fed's continued high interest rates are intended to "suppress President Trump and his economic agenda," accusing this action of "harming the interests of the American people and the U.S. economy."
Fishback has consistently criticized Powell's decision to refuse interest rate cuts, aligning with Trump's stance
