Florida Senator Rick Scott sent a letter to Federal Reserve Chair Jay Powell saying the failure to meet balance sheet reduction goals were unacceptable and showed a lack of accountability.
Ahead of the Federal Open Market Committee (FOMC) meeting, Republican Senator Rick Scott sent the letter to the Federal Reserve Chair Jay Powell, urging accountability regarding his massive failure to meet his target of reducing the Fed’s balance sheet and severely misallocating capital.
“As I have repeatedly emphasized in our previous communications, the size of the Federal Reserve’s $7.2 trillion balance sheet poses an unprecedented risk to American taxpayers and our economy,” Florida Senator Rick Scott wrote.
Senator Scott has been adamant about holding the Fed accountable to their goals of reducing the balance sheet since his election to the Senate. The Republican said that during Powell’s time as Chair, he has overseen a “wildly unaccountable Fed,” which has grossly mismanaged U.S. monetary policy and grown its balance sheet to an unsustainable $7.2 trillion, hurting millions of hardworking American families with skyrocketing interest rates and inflation and losing over $2 trillion of taxpayer money in the past two years.
“It is unacceptable that the Federal Reserve has failed to meet its new, even lower targets,” Senator Scott wrote in the letter.
After asking for answers from the Federal Reserve to his questions, the Florida Senator connected the national debt to inflation.
“I remain committed to addressing America’s debt crisis and the harmful effects of inflation. It is crucial that the Federal Reserve takes immediate and decisive action to reduce its balance sheet and mitigate the risks it poses to our economy and future inflation,” Senator Scott concluded.
Here is the full letter from Republican Florida Senator Rick Scott to Federal Reserve Chair Jay Powell:
RickScottJayPowell_feddebtinflationletter1
