Prior to Federal Reserve Chair Jay Powell’s speech at Jackson Hole tomorrow, Senator Rick Scott released the below statement slamming Chair Powell’s refusal to represent the best interests of American families and massive failure to meet any targets for reducing the Fed’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,” Scott said. “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. He’s allowed rates to skyrocket and inflation to soar. He’s severely misallocated capital and lost TRILLIONS in taxpayer money. And while Chair Powell promised to pay down the massive $7.14 trillion balance sheet, he hasn’t reached a single self-established goal to do so. It’s an obvious, unacceptable failure. 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.”
Earlier this Congress, Senator Scott introduced a legislative package aimed at forcing accountability on the Federal Reserve. 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% of U.S. GDP; and
- The Rein in the Federal Reserve Actto interject much-needed scrutiny and accountability of the Fed’s actions by establishing a statutory process for more strict oversight by Congress.
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