This week, U.S. Rick Scott, R-Fla., reiterated his calls for Chair of the Federal Reserve Jay Powell to resign ahead of this week’s Federal Reserve’s Federal Open Market Committee (FOMC) meeting.
“During his time as Chair, Jay Powell has overseen a wildly unaccountable Fed, which has grossly mismanaged U.S. monetary policy and grown its balance sheet to an unsustainable $7.7 trillion, hurting millions of hardworking American families with skyrocketing interest rates and inflation and losing $1.3 trillion of taxpayer money just last year,” Scott’s office noted.
“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. 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. Here’s what else the American people should be furious about: Jay Powell’s reckless decisions have cost taxpayers more than $1 trillion,” Scott said.
“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 has failed to meet his own weak goals of balance sheet reduction. He has failed to implement meaningful accountability measures at the Fed. Worse still he has failed to display the competence required to do his job and best serve the needs of the American people. 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,” Scott added.
