WASHINGTON, D.C. – Today, ahead of 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. As Fed Chair, Powell has overseen a wildly unaccountable Fed, which has grossly mismanaged U.S. monetary policy, grown its balance sheet to an unsustainable $7.14 TRILLION which he has refused to explain despite Senator Scott’s urging for years, and has failed to provide stability for American families with skyrocketing interest rates and inflation.

Senator Rick Scott said, “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. 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 Act to interject much-needed scrutiny and accountability of the Fed’s actions by establishing a statutory process for more strict oversight by Congress.

MORE…

• Sen. Rick Scott to Chair Powell: Fed’s Failure to Meet Balance Sheet Reduction Goals Shows Unacceptable Lack of Accountability
• Sens. Rick Scott & Elizabeth Warren Call New Federal Reserve Ethics Enforcement Policy “A Dismal Failure” in Bipartisan Letter
• Sen. Rick Scott: Powell’s Balance Sheet Failures Have Caused Massive Misallocation of Capital & Hurt American Families
• In Bipartisan Letter, Sens. Rick Scott & Elizabeth Warren Call Out Culture of Corruption in the Federal Reserve
• Sen. Rick Scott to Chair Powell: The American People Deserve Accountability for Fed Missing Targets & Fueling Inflation
• Sen. Rick Scott Demands Powell Pay Down the Fed’s Balance Sheet
• IN CASE YOU MISSED IT… Sen. Rick Scott Forces Fed to Change Bank Program, Stop Allowing Big Profits off Taxpayers
• Sen. Rick Scott to Jay Powell: Stop Lining Wall Street’s Pockets with Programs Meant to Help Americans
• IN CASE YOU MISSED IT… Sen. Rick Scott in Wall Street Journal: The Fed’s Radical Shift Lets Main Street Down
• Sen. Rick Scott Slams Fed Chair Jay Powell for Trillion-Dollar Loss, Disgraceful Leadership
• Sen. Rick Scott Urging Accountability From Powell Missing Goal of Reducing the Fed’s Balance Sheet
• Sen. Rick Scott Calls out Fed Chair Powell for Fiscal Policy Hypocrisy
• IN CASE YOU MISSED IT… Reuters: Sens. Rick Scott and Elizabeth Warren Seek Salary Information from Fed's Inspector General
• Sen. Rick Scott Pushes for Accountability from New Federal Reserve Appointees
• IN CASE YOU MISSED IT… Sen. Rick Scott in the Washington Examiner: Fed Chairman Jay Powell lost more than $1 trillion of your money. This is my proposal for real accountability
• Sen. Rick Scott to Fed Chair Powell: For the Best Interests of the American People, Pay Down Balance Sheet
• Sen. Rick Scott: Federal Reserve Continues to Fail Americans as Inflation Crisis Rages

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