Last week, U.S. Sen. Rick Scott, R-Fla., introduced three bills “aimed at forcing accountability on the Federal Reserve, ending its bad practices that have cost Americans more than $1 trillion, and reining in the agency’s out-of-control, $8.3 trillion balance sheet.”
Scott offered some of the reasons why he introduced the proposals.
“ This package includes the Regular Order for Investments (ROI) of the Federal Reserve Act to end the Fed’s bad practices and force the Fed to consider the impact of its decisions on hard-working American families so this never happens again; the Right-Size the Federal Reserve Act to ensure an unwinding of the Fed’s massive balance sheet by mandating that it remain at or below 10 percent of U.S. GDP; and the Rein in the Federal Reserve Act to interject much-needed scrutiny and accountability of the Fed’s actions by establishing a statutory process for more strict oversight by Congress,” Scott’s office noted.
“The lack of accountability and guardrails at the Federal Reserve have allowed the agency to make bad decisions with no consequences, growing its balance sheet to an unsustainable $8.3 trillion, making the Fed the largest agency, financially. Under Chair Powell’s leadership, the Fed has lost $1.3 trillion of your money just last year. It’s time for this insanity to stop. Hardworking American families shouldn’t be worried about the Federal Reserve making risky decisions that waste their hard-earned tax dollars. We cannot allow Americans to be forced to endure continued failures at the Federal Reserve any longer. This legislative package puts forward comprehensive reforms to rein in the Federal Reserve, better protect taxpayer money and make sure the Fed is truly accountable to Congress and the American people,” Scott said.
Scott introduced the “Rein in the Federal Reserve Act” which “interjects much needed scrutiny and accountability of the Federal Reserve’s actions by establishing a statutory process for actual oversight of the Federal Reserve.” Scott also brought out the “Regular Order for Investments (ROI) of the Federal Reserve Act” which “ends the corrupted financial practices of the Federal Reserve” by having the Federal Reserve System “comply with Generally Accepted Accounting Practices (GAAP) like every other bank and business operating in the United States” and through other reforms. Finally, Scott also introduced the “Right-Size the Federal Reserve Act” which caps “the size of the Federal Reserve System’s balance sheet at 10 percent of US GDP.”
All three bills were sent to the U.S. Senate Banking, Housing, and Urban Affairs Committee and there are no Senate co-sponsors for any of them. There are currently no companion bills over in the U.S. House.
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