James Fishback, founder and CEO of Azoria, has filed a lawsuit against the Federal Reserve in Washington D.C., calling for transparency in the Federal Open Market Committee (FOMC) meetings.
Lawsuit Against the Fed
Fishback accused Fed Chair Jerome Powell of running 'a money laundering operation in broad daylight.' The lawsuit demands a Temporary Restraining Order on closed Fed meetings and a livestream of next week's session. 'They are violating federal law and operating in secrecy,' Fishback stated.
Dissection of Fed's Arguments
During the interview, Fishback criticized the Fed's legal team for claiming the Sunshine Act does not apply to FOMC sessions. 'How can the most powerful part of the institution, the one that sets rates, not be covered too?' he questioned.
Impact of Open Meetings on the Market
Fishback believes that opening meetings will shift how the markets respond. He stated that currently, traders await press conferences, but with public access, volatility would occur on decision days.
Fishback's legal challenge could lead to significant changes in the Fed's interaction with the market and how decisions are made in a transparent environment.
