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| Building a National Campaign for a Strong Economy: Fed Up
Published By:Morning Consult

Progressive Group Sues Fed, Seeking Information on Presidential Selection

The left-leaning Center for Popular Democracy on Wednesday filed a lawsuit in federal court against the Federal Reserve, seeking to shine light on the central bank’s president selection process.

The lawsuit, filed under the Freedom of Information Act, is a product of the “Fed Up” campaign to strip private bankers’ influence from the Fed’s top rungs and increase transparency in its leadership selection. The suit was filed after the Fed ignored a FOIA request filed in August seeking information on president selections in 2015 and 2016, the group said.

“The leaders of the twelve Reserve Banks are among the most powerful and influential actors in shaping the nation’s monetary policies, yet the process by which they are chosen is completely non-transparent,” the group wrote in the complaint, filed in the U.S. District Court for the Eastern District of New York.

The lawsuit comes as Dennis Lockhart, president of the Federal Reserve Bank of Atlanta, prepares to leave the bank in February.

“The public has a right to obtain records about how the Federal Reserve’s leaders are selected, and there is no justification for the Fed’s withholding of basic information about its governance,” said Connie Chan, an attorney representing Fed Up, in a statement. “The fact that Fed Up has to bring this FOIA lawsuit is itself further evidence of the Fed’s lack of transparency.”

By Tara Jeffries