An ardent supporter of President Donald Trump, whose firm last month launched an anti-DEI exchange-traded fund, said he has had a “constructive conversation with the President’s team” about his candidacy to replace outgoing Fed Governor Adriana Kugler.
James Fishback, 30, head of Miami-based Azoria Capital, said in a phone interview that he arrived in Washington D.C., today following his conversation with the team. His comments follow reports from Florida’s Voice that his candidacy for a seat on the Federal Reserve Board of Governors is gaining support. The posts didn’t disclose sources for the information.
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“I’m steeped in markets,” Fishback said, adding that he spent a decade trading interest rate derivatives at a hedge fund. Fishback, who unsuccessfully sued Federal Reserve Chair Jay Powell to open closed Fed meetings to the public, wrote in an X post Tuesday that the Fed must lower rates by at least one full point at its next meeting in mid-September, cutting them to 3.5% from 4.5%.
Fishback’s firm last month launched the Azoria 500 Meritocracy ETF (SPXM), which invests in 400 to 500 U.S. large-cap companies that do not hold diversity, equity and inclusion hiring targets, according to its etf.com fund page. The fund has gained 1% since its July 8 launch, trailing the 1.7% gain in the S&P 500, as measured by the Vanguard S&P 500 ETF (VOO).
SPXM has pulled in $28.2 million in net inflows since it launched. Its top three holdings include Nvidia Corp. (NVDA), Microsoft Corp. (MSFT) and Apple Inc. (AAPL), and it holds a 4% allocation to the First American Funds Inc. X Government Obligations Fund.
“James has said that, if he is asked by President Trump, he would be honored to serve the president and the nation on the Federal Reserve Board of Governors,” Azoria’s Chief Operating Officer Kabir Singh Bawa wrote in an email. “We’re grateful for his leadership at Azoria and, if given the opportunity, are confident he would serve Americans well at the Fed.”
A Fishback appointment would deepen ties between the Trump administration and the $11.8 trillion U.S. ETF industry. The president’s media company, Trump Media and Technology Group Corp. (DJT), is aiming to list the Trump Social Bitcoin ETF and has filed trademark applications for three ETFs under its Truth.Fi brand.
The firm founded by Treasury Secretary Scott Bessent, Key Square Group, had sought to launch an exchange-traded fund, and former DOGE official Vivek Ramaswamy’s Strive Asset Management runs a handful of ETFs, including the anti-ESG Strive U.S. Energy ETF (DRLL).
