Duval Times

On August 22, 2024, Senator Rick Scott issued a statement criticizing Federal Reserve Chair Jay Powell ahead of his scheduled speech at Jackson Hole. Senator Scott condemned Powell for failing to act in the best interests of American families and not meeting targets for reducing the Federal Reserve'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," said Senator Scott. He added, "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."

Scott highlighted several issues under Powell's tenure, including skyrocketing interest rates and inflation, misallocation of capital, and an unaddressed $7.14 trillion balance sheet. "He’s severely misallocated capital and lost TRILLIONS in taxpayer money," Scott stated.

Earlier this year, Senator Scott introduced a legislative package aimed at increasing accountability within the Federal Reserve. The proposed measures include:

- The Regular Order for Investments (ROI) of the Federal Reserve Act: Aims to end poor practices by ensuring that Fed decisions consider their impact on American families.

- The Right-Size the Federal Reserve Act: Mandates that the Fed's balance sheet remain at or below 10% of U.S. GDP.

- The Rein in the Federal Reserve Act: Introduces stricter oversight by Congress over Fed actions.

Senator Scott has consistently called out what he perceives as failures by Chair Powell. His criticisms extend to bipartisan efforts with other senators like Elizabeth Warren, targeting what they describe as ethical lapses within the institution.

In his concluding remarks, Senator Scott asserted his commitment to holding the Federal Reserve accountable: "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."