Duval Times

Following a recent meeting of the Federal Reserve's Federal Open Market Committee, Senator Rick Scott has reiterated his call for new leadership at the Federal Reserve. He criticized Chair Jay Powell, stating that Powell has failed to act in Americans' best interests, manage the Fed's large balance sheet effectively, or provide the stability and accountability expected by the public.

Senator Scott expressed his dissatisfaction with Powell's tenure as Chair, noting that under Powell's leadership, the Federal Reserve's balance sheet reached an unprecedented $9 trillion. "Jay Powell proves time and time again that he is a failure at the Federal Reserve," Scott stated. He pointed out that despite previous calls to reduce the balance sheet in 2022, the Fed has not met its self-imposed benchmarks and has fallen short by $600 billion.

Scott further criticized Powell for supporting what he termed as "inflationary policies" of President Joe Biden while misleading the public about inflation being temporary. He also accused Powell of failing to maintain price stability, mismanaging monetary policies, overseeing bank failures without holding employees accountable, and losing $2 trillion of taxpayer money.

The senator emphasized the need for change at the Federal Reserve, suggesting that former President Trump brought accountability to government and could fix long-standing policy issues. "Now, it’s time to bring change to the Federal Reserve, starting with its leadership," Scott concluded.