Investment firm Azoria Capital filed a federal lawsuit Thursday morning against Federal Reserve Chair Jerome Powell, alleging that the central bank is violating federal transparency laws.
The lawsuit, which was filed in the U.S. District Court for the District of Columbia, argues that the Federal Open Market Committee’s (FOMC) closed-door meetings run afoul of the Government in the Sunshine Act of 1976.
Additionally, the suit seeks to temporarily bar the FOMC from closing its upcoming July 29-30 meeting to the public. The meeting is where the 12 members of the committee discuss monetary policy decisions — chiefly whether to raise or lower the nation’s interest rate.
Azoria Capital maintains that without real-time access to FOMC deliberations, it cannot adequately assess monetary policy risks, resulting in a competitive disadvantage and increased portfolio volatility.
A draft of the lawsuit, which was viewed by FOX Business, also named all FOMC members: John Williams, Michael Barr, Michelle Bowman, Susan Collins, Lisa Cook, Austan Goolsbee, Philip Jefferson, Adriana Kugler, Alberto Musalem, Jeffrey Schmid and Christopher Waller.
The Federal Reserve declined to comment to FOX Business.
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Author: Marty Kaufmann
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