A high-profile attempt to pry open the Federal Reserve’s famously secretive rate-setting meetings has officially been shut down — and with it, so has the spotlight-hungry campaign behind it.
In a bold legal move that quickly unraveled, James Fishback, the 30-year-old CEO of Azoria Capital and self-proclaimed ETF innovator, tried to force Federal Reserve Chair Jerome Powell and the Federal Open Market Committee (FOMC) into the public eye. Fishback filed a lawsuit on July 24 arguing that the Fed’s closed-door meetings violate the Sunshine Act of 1976, a law designed to bring transparency to federal agencies.
But Judge Beryl Howell swiftly dismissed the case, delivering a sharp rebuke to Fishback’s motives and methods. According to Howell, the FOMC is not legally classified as a federal agency and therefore isn’t bound by the Sunshine Act’s public access requirements.
> “The court is very, very busy, and using lawsuits as a business strategy to build a brand or create interest in a new investment fund is not a welcome development,” Howell said in court, according to CNBC.
🎯 More Than Just a Transparency Crusade?
Critics argue that this lawsuit had little to do with government transparency and everything to do with publicity. Fishback's new ETF, cheekily dubbed the "Meritocracy Fund," excludes companies with diversity, equity, and inclusion (DEI) initiatives — a controversial move that aligns with his right-leaning political leanings and growing online presence.
Fishback, a college dropout and vocal Trump supporter, has made waves before. He previously sued his former employer, Greenlight Capital, for defamation after the hedge fund denied his claims of being its “Head of Macroeconomic Research.” Greenlight fired back, stating his actual title was just “Research Analyst” and that Fishback had zero decision-making power or influence over its macro portfolio — let alone generating the $100 million in profits he boasted about.
🔒 What’s Really at Stake?
Fishback’s lawsuit alleged that Powell and the FOMC were making massive decisions that affect global financial markets behind closed doors — using taxpayer-funded resources — and therefore should be held publicly accountable.
> “If the Federal Open Market Committee is not a government agency,” Fishback posted on X, “why do 12 publicly funded members meet in a $3.1 billion federal building for two days on our dime? If they’re just private citizens, shouldn’t we arrest them for trespassing?”
While his fiery rhetoric made headlines, Judge Howell’s ruling made one thing clear: lawsuits aren’t PR tools, and the Fed’s doors remain firmly shut — at least for now.
🔮 What’s Next?
The FOMC is scheduled to meet for its next two-day interest rate policy review this week, and most economists expect rates to hold steady. Still, political pressure looms, with former President Donald Trump urging a dramatic three-point rate cut to slash government debt servicing costs by as much as $1 trillion.
Meanwhile, Fishback continues his campaign under the banner of the Department of Government Efficiency (DOGE) — a nod, perhaps, to both crypto culture and his flair for media stunts.
Stay tuned — the battle between Wall Street drama and Washington secrecy is far from over.