A money manager sued the Federal Reserve, alleging it violates a 1976 law by keeping monetary policy meetings closed. The lawsuit demands public access to FOMC deliberations. Azoria Capital, led by a Trump ally, claims the Fed’s secrecy undermines public accountability and may be politically motivated against Trump’s agenda.

The lawsuit argues that the Fed’s closed-door policy raises concerns about political influence on monetary policy. Azoria cites the Government in the Sunshine Act of 1976, which requires federal agencies to hold open meetings. The Fed claims exemptions for closed meetings to prevent financial speculation, but Azoria says this secrecy is unlawful.

The FOMC has faced pressure from Trump to lower interest rates, but the Fed has maintained its current stance. Investors do not anticipate a rate change at the upcoming meeting, although two governors support a cut. The lawsuit highlights the need for transparency in the Fed’s decision-making process to ensure accountability and fair policy implementation.

Read more at Yahoo Finance: Fed gets new legal headache with lawsuit seeking to make FOMC rate meetings public