Florida Senator Rick Scott released a statement calling for the resignation of Federal Reserve Chair Jerome Powell.
“The only announcement that Jay Powell should be making today is his resignation, effective immediately, Senator Rick Scott said last week. “His gross mismanagement of the Federal Reserve has stolen the American Dream from millions of families and caused massive damage to our economy?”
On Friday, Fed Chair Powell warned that inflation is still “too high” and that the Fed is prepared to continue raising rates further, warning “some pain” was likely for Americans and our economy.
Senator Scott has made this one of the top issues he is addressing. Earlier this Congress, the Republican Florida Senator introduced three new bills to reform the Federal Reserve and increase accountability to Congress and the American people.
Senator Scott’s bills build on legislation filed earlier this year which would make the Fed’s Inspector General a truly independent auditor following findings of possible conflicts of interest. In addition to this legislation, Senator Scott has repeatedly urged action to address America’s debt crisis and the harmful effects of inflation.
The Florida Senator also released a graphic questioning, “would you bank with the Fed?”
Senator Scott was responding to comments made by Chair Powell at the Kansas City Fed’s annual retreat in Jackson Hole, Wyoming. Powell added there is a need to “proceed carefully.”
