Connect with us

Hi, what are you looking for?

Florida News

Rick Scott Demands Powell Pay Down the Fed’s Balance Sheet

Below is an offical statement from the office of Sen. Rick Scott, (R-Fla) regarding Federal Reserve Chair Jay Powell and the feds balance sheet.

WASHINGTON, D.C. –Today, ahead of Federal Reserve Chair Jay Powell’s press conference following this week’s Federal Open Market Committee meeting, Senator Rick Scott released a statement slamming Powell’s failure to meet the Fed’s target of reducing its massive balance sheet. If the Fed had kept its promise and met its target, the balance sheet would be $400 BILLION lower today. Senator Scott has previously made similar requests, but the Fed has failed to be accountable to the American people and address this serious problem.

“Thanks to Jay Powell’s failed leadership, the Fed has overseen a massive misallocation of capital and grown its balance sheet to an unsustainable $7.68 trillion,”Sen. Scott said. “Today, Powell must uphold his promise to the American people that he will continue to pay down the balance sheet and do everything possible to combat President Biden’s inflation crisis that continues to hurt American families with high prices that have skyrocketed 17% since he took office. Powell’s failure to meet his own goals of balance sheet reduction and implement meaningful accountability measures at the Fed is purposeful and unacceptable. Today, I am again demanding that the Fed honor its mission, put American taxpayers first and pay down the balance sheet before even more taxpayer money is lost.”

BACKGROUND…

As Chair, Jay Powell has overseen a wildly unaccountable Fed, which has grossly mismanaged U.S. monetary policy and unsustainably grown its balance sheet, hurting millions of hardworking American families with skyrocketing interest rates and inflation. The Fed’s continued mismanagement of its balance sheet has caused a massive misallocation of capital and caused it to lose $1.3 TRILLION of taxpayer money.

Earlier this Congress, Senator Scott introduced a legislative package aimed at forcing accountability on the Federal Reserve. This package includes:



Author

  • Florida Daily offers news, insights and analysis as we cover the most important issues in the state, from education, to business and politics.

    View all posts

Archives

Related Articles

Advertisement
Florida Daily
Privacy Overview

This website uses cookies so that we can provide you with the best user experience possible. Cookie information is stored in your browser and performs functions such as recognising you when you return to our website and helping our team to understand which sections of the website you find most interesting and useful.

HOW WE COLLECT E-MAIL INFORMATION:

If you sign up to subscribe to Florida Daily’s e-mail newsletter, you will provide us your e-mail address and name, voluntarily, and we will never obtain any of your contact information that you don’t voluntarily provide.

HOW WE USE AN E-MAIL ADDRESS IF YOU VOLUNTARILY PROVIDE IT TO US:

If you voluntarily provide us with your name and email address, we will use it to send you one email update per weekday. Your email address will not be given to any third parties.

YOUR CONTROLS:

You will have the option to unsubscribe to our E-mail update at anytime by clicking an unsubscribe link that will be provided in each E-Mail we send.