At the end of March, George Gammon, a real estate investor, entrepreneur, and the producer of the Rebel Capitalist channel, and criminal tax attorney Robert Barnes, who has previously represented Westley Snipes and Alex Jones, filed a lawsuit against the Federal Reserve.
The lawsuit’s aim is to challenge the Fed’s secrecy and hold it accountable for its reckless monetary policies that have diminished the purchasing power of the dollar, created economic distortions, encouraged malinvestment, and foster misallocations of resources at the expense of America’s most humble economic actors.
Gammon and Barnes are suing the Fed under the Freedom of Information Act (FOIA). The legal argument that the plaintiffs are pursuing centers around the Federal Reserve policymakers’ alleged violation of the Federal Reserve Act of 1913. They cited the example of the Fed’s purchase of corporate debt through SPV (special purpose vehicles) in 2020 as one way the central bank violated this law:
A perfect example was in March of 2020, the Federal Reserve overstepped its bounds, and explicitly broke the law, when it side-stepped the Federal Reserve Act of 1913 to buy corporate debt via SPV (special purpose vehicles). As a result corporations now have more debt than ever before, making our economy weaker.
In addition, Gammon and Barnes highlighted the Fed’s regressive nature, in how the rich disproportionately benefit from the inflation tax, while the poor must bear the brunt of it:
The poor and middle class end up paying the price for the Fed ignoring the law to create INFLATION, while the financial insiders and politicians get richer due to the Cantillon Effect.
The plaintiffs made the case that the Fed “purposefully goes out of its way to keep its records from being audited or examined.” However, there is an avenue that can be pursued to hold the Fed accountable. As the plaintiffs noted, “the Federal Reserve banks, like the Board of Governors of the Federal Reserve and the Federal Open Market Committee (FOMC), are considered government agencies under FOIA. A range of cases going back to 2010 established this fact.”
Gammon and Barnes contend that there is legal precedence for “entities suing the Fed under FOIA and winning.” In the first part of the lawsuit, Barnes will make an attempt to get the Fed to reveal info through the FOIA, which will likely take a whole year to realize.
In the meantime, Barnes and Gammon will do videos on Gammon’s YouTube channel to provide updates on the lawsuit and the progress they’ve made.
Gammon’s YouTube channel and GoFundMe can be found below: