##  [# Anti-DEI ETF Issuer Floated for New Fed Governor](/sections/news/anti-dei-etf-issuer-floated-new-fed-governor) 

 

# Anti-DEI ETF Issuer Floated for New Fed Governor

 

 

- Support for Azoria’s James Fishback is increasing: Florida’s Voice.
- The Trump supporter has sued Jerome Powell for not lowering rates.
- Azoria last month issued the anti-DEI Azoria 500 Meritocracy ETF (SPXM).



 

 

 

 

 [![RonDay](/sites/default/files/styles/author_image_icon/public/2024-01/etf.com_Author_RonDay.png?itok=XBj72rrJ "RonDay")](/contributors/ron-day) 

[By Ron Day](/contributors/ron-day)

 Aug 05, 2025

 Edited by: David Tony

 

 

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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](https://x.com/EricLDaugh/status/1952746759068729840) 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.

"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](https://x.com/j_fishback/status/1952698473629000138) 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%.

## 'A New Era'

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)](/stock/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)**](/drll).

"There’s nothing wise about Jerome Powell keeping rates at the same level today—when inflation is 1.8%—as they were in December 2022, when inflation was 6.5%".

Bloomberg’s Eric Balchunas wrote on X that Fishback would be the first ETF issuer on the Federal Reserve board. “It’s a new era that’s for sure,” he [wrote](https://x.com/EricBalchunas/status/1952449943425401271).

*Editor's note: This story has been updated to include comments from James Fishback and to more accurately reflect the source of the quote in the sixth paragraph.*

 
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  Ron Day is Contributing Editor at etf.com. He joined the company in October 2022 and has served as Managing Editor, deputy managing editor and…   [View Bio](/contributors/ron-day)

 



 

 


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