Ahead of Fed Chair Jay Powell’s speech at Jackson Hole, Florida Senator Rick Scott released a statement slamming the Federal Reserve Chair’s refusal to represent the best interests of American families and massive failure to meet any targets for reducing the Fed’s balance sheet.
“Fed Chair Jay Powell is tasked with overseeing one of the largest financial institutions in the world that is supposed to make decisions in the best interests of American families and businesses – and he’s failing,” Florida Senator Rick Scott said. “One of the main objectives of the Fed is to provide price stability for American families, but everything Jay Powell does provides instability and hardship for them.”
According to the Florida Republican Senator, as Fed Chair, Powell has overseen a “wildly unaccountable Fed,” which has “grossly mismanaged” U.S. monetary policy, grown its balance sheet to an unsustainable $7.14 trillion which he has refused to explain despite Senator Scott’s urging for years, and has failed to provide stability for American families with skyrocketing interest rates and inflation.
“He’s allowed rates to skyrocket and inflation to soar. He’s severely misallocated capital and lost TRILLIONS in taxpayer money,” said Republican Sen. Rick Scott about the Federal Reserve Chair. “And while Chair Powell promised to pay down the massive $7.14 trillion balance sheet, he hasn’t reached a single self-established goal to do so. It’s an obvious, unacceptable failure. We cannot allow Jay Powell and the Fed’s failures to bring more suffering to families and our economy, and I’ll keep fighting to hold the Fed accountable and make sure its policies are truly serving the American people.”
In addition to the recent statement from Rick Scott on Federal Reserve Chair’s failures, the Florida Senator introduced a legislative package aimed at forcing accountability on the Federal Reserve earlier this Congress. The legislation package includes:
- The Regular Order for Investments (ROI) of the Federal Reserve Act to end the Fed’s bad practices and force the Fed to consider the impact of its decisions on hard-working American families so this never happens again;
- The Right-Size the Federal Reserve Act to ensure an unwinding of the Fed’s massive balance sheet by mandating that it remain at or below 10% of U.S. GDP; and
- The Rein in the Federal Reserve Act to interject much-needed scrutiny and accountability of the Fed’s actions by establishing a statutory process for more strict oversight by Congress.
