WASHINGTON DC – Today, Senator Rick Scott released the statement below following Federal Reserve Chairman Jay Powell’s failure to address or repair the Fed’s massive balance sheet.
Senator Rick Scott said: “I am disappointed that the Federal Reserve has yet to make a commitment to significantly reduce its unprecedented balance sheet, which is distorting credit markets and capital allocation – ultimately hurting our most vulnerable families. poor and Americans on fixed incomes. The Fed failed miserably under the Biden administration, choosing instead to appease an administration bent on reckless spending and fueling inflation. This low appeasement has been devastating and has resulted in a decrease in purchasing power for people in Florida and across America, especially for low-income families like mine growing up.
“Since my election to the Senate, I have repeatedly sounded the alarm bells about the massive and growing debt of the United States and the danger of the Fed’s bloated balance sheet. I wrote letters, held meetings, and had phone calls with Chairman Powell and members of the Federal Open Market Committee to voice my concerns and demand action to reduce the balance sheet, but nothing changed. At every turn, when the Fed could have fought for American families by mitigating the long-term risks of its massive balance sheet and telling the truth about the dire consequences of reckless government spending, it instead chose to appease Joe Biden. and the Washington Democrats.
“Americans are fed up with weak politics in Washington. It’s time the Fed started fighting for real Americans, not Washington politicians.