Duval Times

WASHINGTON, D.C. - Senator Rick Scott has once again called for the resignation of Federal Reserve Chair Jay Powell, citing the Fed's mismanagement of U.S. monetary policy and its unsustainable $7.7 trillion balance sheet. In a statement released ahead of the Federal Open Market Committee meeting, Senator Scott criticized Powell's leadership and the negative impact it has had on hardworking American families.

"Under the failed leadership of Jay Powell, the Federal Reserve is accountable to no one and dangerously manipulating U.S. markets and growing its balance sheet to an unsustainable $7.7 trillion," said Senator Scott. He further expressed concern over the skyrocketing interest rates and inflation that have hurt American families, stating, "While Joe Biden's inflation keeps knocking hardworking Americans to their knees, Powell's botched leadership and rate hikes are kicking them while they're down."

Highlighting the financial losses incurred under Powell's tenure, Senator Scott emphasized, "Jay Powell's reckless decisions have cost taxpayers more than $1 trillion. It is a failure that is totally unprecedented in the history of the United States, and yet Jay Powell is still doing next to nothing to fix it." He called for accountability and demanded the press to demand answers for these failures and broken promises, stating, "It is time for the press to do its job and demand answers for these failures and broken promises. Jay Powell should make just one announcement at tomorrow's press conference: that he will immediately resign in disgrace."

Senator Scott has been a vocal critic of the Federal Reserve and has introduced a legislative package aimed at forcing accountability on the institution. The package includes the Regular Order for Investments (ROI) of the Federal Reserve Act, which aims to end the Fed's bad practices and ensure that its decisions consider the impact on hardworking American families. Additionally, the Right-Size the Federal Reserve Act mandates that the Fed's balance sheet remain at or below 10% of U.S. GDP, while the Rein in the Federal Reserve Act establishes stricter oversight by Congress.

These proposals build on Senator Scott's previous bipartisan bill, which requires a presidentially appointed and Senate-confirmed inspector general to the Board of Governors of the Federal Reserve System and the Consumer Financial Protection Bureau.

Senator Scott's efforts highlight the need for transparency, accountability, and responsible management within the Federal Reserve. As the debate continues, it remains to be seen whether Chair Jay Powell will address the concerns raised by Senator Scott and take the necessary actions to restore confidence in the institution.

For additional details, please follow this link: https://www.rickscott.senate.gov/2023/12/sen-rick-scott-slams-fed-chair-jay-powell-for-trillion-dollar-loss-disgraceful-leadership