An Obama-appointed federal judge rejected a Trump-allied investment firm’s request to block the Federal Reserve from holding its Tuesday meeting in secret.

Azoria Capital, a pro-Trump, anti-DEI, and anti-ESG investment firm, filed a lawsuit against Federal Reserve Chair Jerome Powell arguing that the Fed’s closed-door Federal Open Market Committee meetings violate the Government in the Sunshine Act.

Azoria asked the United States District Court for the District of Columbia to issue a temporary restraining order to block the Fed meeting on Tuesday and Wednesday from taking place behind closed doors.

The Government in the Sunshine Act of 1976 requires that “every portion of every meeting of an agency shall be open to public observation.”

But Judge Beryl Howell, an Obama-appointee who ruled against President Donald Trump’s executive order targeting Perkins Coie, found that the FOMC is likely not an agency or a subdivision to which the Sunshine Act applies.

However, Howell rejected the Federal Reserve’s lawyers’ request for the court to dismiss Azoria’s case, meaning the case will proceed.

My statement:

WASHINGTON, D.C. – Azoria, an American investment firm, today participated in an emergency federal court hearing in Washington D.C. in an attempt to force Federal Reserve Chairman Jerome Powell to comply with a federal law (Government in the Sunshine Act of 1976)…

— James Fishback (@j_fishback) July 28, 2025

Additionally, the Federal Reserve’s lawyers conceded that Tuesday’s Federal Open Market Committee meeting is actually being jointly held with the Federal Reserve Board of Governors, which the Federal Reserve’s attorneys conceded is in fact subject to the Sunshine Act.

“Azoria believes these joint meetings between the FOMC and Board of Governors may be an attempt to dodge the Sunshine Act and deny Americans their legal right to know what the Federal Reserve is actually doing,” Azoria CEO and founder James Fishback said in a statement.

“Azoria looks forward to continuing our case and fighting for transparency and accountability for all Americans,” he added.

Fishback, a Tesla board member and former Department of Government Efficiency adviser, said he is prepared to take the case to the next level.

“If the D.C. district court denies our emergency request, we are prepared to appeal to the D.C. Circuit—and if necessary, seek immediate intervention from the U.S. Supreme Court,” Fishback said in an X post before the hearing.

The lawsuit comes as Powell faces repeated calls from President Donald Trump to lower interest rates.

While meeting British Prime Minister Keir Starmer on Monday, Trump said Powell “has to” cut interest rates.

“He should cut,” Trump said. “A smart person should cut.”