22/08/2024 | Press release | Distributed by Public on 22/08/2024 23:28
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:
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