James Fishback, CEO of Azoria Capital, joined Steve Bannon to announce a bold legal move against Federal Reserve Chair Jerome Powell. The lawsuit accuses Powell of violating the 1976 Government in the Sunshine Act by holding Federal Open Market Committee (FOMC) meetings in secret. Fishback’s goal is to force transparency on the Fed, aligning with President Trump’s push for lower interest rates and an open economic system. This isn’t just a courtroom fight; it’s about holding the Fed accountable to the public.

Quick Clip:

BREAKING: Judge In Azoria Lawsuit Over Closed Door Fed Meetings Against Jerome Powell Issues Emergency Hearing Ahead Of Set Meeting Date @j_fishback pic.twitter.com/WwBQpoajJI

— Bannon’s WarRoom (@Bannons_WarRoom) July 24, 2025

BREAKING DEVELOPMENT:
At approximately 5:30 PM EDT today, U.S. District Judge Beryl Howell, an Obama appointee, ordered an emergency hearing for Monday, July 28, 2025, at 2:00 PM in the DC Federal Courthouse. The hearing will decide on Azoria’s request for a Temporary Restraining Order (TRO) to block the Fed’s July 29-30, 2025, FOMC meeting from happening behind closed doors. If granted, this would be the first time in nearly 50 years the public gets insight into the Fed’s rate-setting process—a major breakthrough.

CURRENT STATUS:
Fishback and Bannon argue the Fed’s secrecy hides decisions that hurt Americans. Interest rates are near 20-year highs, despite inflation hitting a four-year low. Azoria’s models show rates are 100-175 basis points too high, backing Trump’s call for a 300-point cut. Fishback suspects Powell’s high-rate stance might be politically driven, potentially undermining Trump’s economic agenda. The Fed’s so tight-lipped that meeting transcripts are kept locked away until 2031, leaving the public in the dark about decisions that affect mortgages, credit cards, and small businesses. The lawsuit leverages the Supreme Court’s recent overturn of the Chevron Doctrine, which weakens the Fed’s ability to dodge legal scrutiny. Azoria claims standing as an investment firm active in the treasury market, directly impacted by the Fed’s opaque policies. Fishback stresses that this fight is for every American struggling with sky-high borrowing costs.

STRATEGIC IMPACT:
The Fed’s long history of secrecy, detailed in the book “Lords of Easy Money,” shows that it has been operating unchecked for decades, quietly pumping trillions into the economy. A successful TRO could expose whether Powell’s moves are politically motivated, giving the public a clear view of the Fed’s inner workings.

If the TRO fails, Powell keeps unchecked control, leaving Americans stuck with high rates—mortgage originations are already down 76%, and home sales are at 1995 levels. Fishback’s firm, Azoria, is also pushing an anti-DEI ETF (SXPM), positioning it as a way to invest in Trump’s economic vision while avoiding companies with underperforming DEI policies. He calls Powell the "Anthony Fauci of economics” for his perceived arrogance and lack of accountability.

For more information, watch these WarRoom Segments from Thursday featuring James Fishback: