WASHINGTON, D.C. – Today, Senator Rick Scott released the following statement, reiterating his calls for Chair of the Federal Reserve Jay Powell to resign ahead of the Federal Reserve’s Federal Open Market Committee (FOMC) meeting scheduled to begin today. 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.

Senator Rick Scott said, “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. 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.”

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Earlier this year, 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 Act to interject much-needed scrutiny and accountability of the Fed’s actions by establishing a statutory process for more strict oversight by Congress.

Read more about the proposals in the senator’s Washington Examiner op-ed HERE.

This legislation builds on Senator Scott’s bipartisan bill to require a presidentially appointed and Senate-confirmed inspector general to the Board of Governors of the Federal Reserve System and the Consumer Financial Protection Bureau.

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