Senator Rick Scott’s Week in Review

Dear Fellow Floridian,

I am blessed to have seven grandchildren. Every time I talk to them, I think about their future. I think about what the country will look like when they grow up and what we’re setting up for them. You think: will your kids, grandkids, great grandkids have the same opportunities as we have? Not if we keep doing what we’re doing now.

We have $31 trillion in federal debt. We have high inflation, reckless spending, high interest rates, high credit card debt. If we continue down this path that we’re heading down, we’re going to kill the American dream.

Biden just doesn’t get that. He put out a $6.8 TRILLION budget. Just chock full of full of tax hikes, budget gimmicks and wasteful spending. It’s not based in reality and will only make things WORSE.

This week, I hosted a joint press conference with House Freedom Caucus Chairman Scott Perry, Senator Mike Lee and Representatives Chip Roy, Dan Bishop, Bob Good, Byron Donalds, Lauren Boebert, Michael Cloud, Andy Biggs, Ben Cline and Ralph Norman, to discuss the debt ceiling and spending reforms.

Our message is this: it’s time to bring fiscal sanity back to Washington. It’s time for Biden to come to the table and have a conversation and accept our invitation to negotiate on a deal that sets America on a better path forward. If Republicans finally stand up and stop caving, we can force the federal government to start living within its means and lower the federal debt. The debt ceiling is our opportunity to get something done. Republicans cannot squander it by giving Biden a liberal wish list and endless budget.

Watch more HERE or below. Read more HERE.

Sincerely,

Rick Scott

United States Senator

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See more of what Senator Scott has been up to this week below.

Sen. Rick Scott to Fed Chair Powell: It’s Time for Accountability at the Fed

Ahead of this week’s Federal Open Market Committee meeting and following the shocking failures of Silicon Valley Bank, Silvergate Bank and Signature Bank, Senator Rick Scott sent a letter to Jerome Powell, Chair of the Board of Governors of the Federal Reserve System, calling out the Fed’s gross mismanagement and lack of oversight of these banks and demanding significant reforms. For more than two years, Senator Scott has called on Chair Powell to increase the Fed’s accountability to the American people, shrink its massive balance sheet and do more to mitigate and stop inflation.

Read the full letter HERE. Read more HERE.

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Sens. Rick Scott, Jacky Rosen Introduce Bipartisan No CORRUPTION Act to Safeguard Taxpayer Dollars from Corrupt Politicians

Senators Rick Scott and Jacky Rosen introduced the bipartisan No Congressionally-Obligated Recurring Revenue Used As Pensions To Incarcerated Officials Now (No CORRUPTION) Act, which would bar members of Congress who are convicted of felonies related to their official duties from collecting taxpayer-funded pensions.

Senator Rick Scott said, “It is unthinkable that a former member of Congress could be convicted of a crime involving public corruption and still benefit off the taxpayer dollars of hardworking families. If we are going to make Washington work for American families, we need real reforms that end the current dysfunction. I’m proud to sponsor this bipartisan, commonsense legislation to prevent criminals from getting taxpayer-funded retirement benefits.”

Read more HERE.

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Sens. Rick Scott and Elizabeth Warren Lead Legislation to Establish Independent IG Oversight at the Federal Reserve

Senator Rick Scott and Senator Elizabeth Warren introduced bipartisan legislation to require a presidentially-appointed and Senate-confirmed inspector general to the Board of Governors of the Federal Reserve System and the Bureau of Consumer Financial Protection. Following this month’s shocking failures of Silicon Valley Bank (SVB) and Signature Bank, and the Federal Reserve’s gross mismanagement and lack of oversight to prevent the situation, this bill will bring the serious changes and accountability at the Federal Reserve that is clearly overdue and necessary to protect American families and workers.

Senator Scott previewed this legislation in an op-ed for Fox News and a letter Monday to Jerome Powell, Chair of the Board of Governors of the Federal Reserve System, calling out the Fed’s gross mismanagement and lack of oversight of these banks and demanding significant reforms.

Senator Rick Scott said, “After the Federal Reserve’s failure to properly identify and prevent the shocking failures of Silicon Valley Bank and Signature Bank, it’s clear we can’t wait any longer for big change at the Fed. It’s outrageous that the Federal Reserve, the world’s largest and most powerful central bank, does not have a truly independent inspector general to investigate it – an independent authority to fight for the transparency and accountability our citizens need. Our legislation fixes that by establishing a presidentially-appointed, Senate-confirmed inspector general at the Fed, like every other major government agency. Consumers and American families must not bear the brunt of the failures of gross mismanagement and greed at their banks or the incompetence and misdeeds of the government regulators who are there to protect them. I want to thank Senator Warren for joining me on this good bill. This is commonsense and should have the bipartisan support of our colleagues so that it can quickly pass and become law.”

Read more HERE.

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Sen. Rick Scott, Colleagues Reintroduce Keep China Out of Solar Energy Act

Senators Rick Scott, Josh Hawley, Marco Rubio and Tom Cotton reintroduced the Keep China Out of Solar Energy Act to prohibit federal funds from being used to buy solar panels manufactured or assembled in Communist China, specifically targeting those known for the use of slave labor.

Last month, Senator Scott and Representative Bill Posey led legislation to block the Biden administration’s action that protects Chinese solar companies which are actively circumventing U.S. trade laws.

Senator Rick Scott said, “Communist China is not our friend. Xi runs a murderous regime and every dollar spent there helps fund their genocide and efforts to undermine the United States and our economy. My bill, the Keep China Out of Solar Energy Act, takes the needed step of withholding federal funds from being used to buy solar panels manufactured or assembled in Communist China. We must work to fully decouple our supply chains and end our reliance on products from Communist China. That’s the only way to truly build American independence and self-sufficiency, and bring economic growth back to the U.S. As President Biden bends over backward to appease dictators, Congress must take this opportunity to force accountability and take action to do what Biden won’t – starting with passing this bill TODAY.”

Read more HERE.

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Sens. Rick Scott, Marco Rubio Introduce Bicameral Legislation for Greater Oversight and Accountability in Puerto Rico

Senator Rick Scott joined Senator Marco Rubio in introducing the Financial Oversight and Management Board Integrity Act. This bill will prohibit any third-party advisement or consulting firm from advising Puerto Rico’s Financial Oversight Management Board (FOMB) for the duration of the period that the firm is also providing consulting services to a client that is competing for, or performing on, a contract that is awarded by the Puerto Rican government and that is under the oversight responsibility of the FOMB to review and approve.

Senator Rick Scott said, “The Financial Oversight and Management Board Integrity Act will help improve transparency and accountability of Puerto Rico’s FOMB. I am proud to join Senator Rubio and our colleagues in the House of Representatives as we fight for a better and more prosperous Puerto Rico and increased oversight of taxpayer dollars.”

Read more HERE.

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Sen. Rick Scott, Rep. Bill Posey Introduce Bipartisan Space Launch Legislation to Keep America First in Space

Senator Rick Scott joined Senator Marco Rubio and Representatives Bill Posey and Darren Soto to introduce the bipartisan American Space Commerce Act to create jobs, advance technology and cement our nation’s place as the world leader in space.

Senator Rick Scott said, “Every day our nation is competing against known adversaries like Communist China and Russia in the space launch industry, and we must put American interests and national security first. I’m proud to cosponsor the American Space Commerce Act to enhance our nation’s self-reliance in the space industry, prioritize American businesses, and ensure our nation remains a leader in space exploration.”

Read more HERE.

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Sen. Rick Scott Issues Weekly Update on Biden’s Inflation Crisis

Senator Rick Scott released a weekly update on his actions to address America’s debt crisis and rising inflation. In case you missed it, this week, Senator Scott and House Freedom Caucus Chairman Scott Perry, joined by Senator Mike Lee and Representatives Chip Roy, Dan Bishop, Bob Good, Byron Donalds, Lauren Boebert, Michael Cloud, Andy Biggs, Ben Cline and Ralph Norman, of the House Freedom Caucus, hosted a joint press conference to discuss debt ceiling and spending reforms. Earlier this month, Senator Scott applauded the House Freedom Caucus’ proposal to make significant, structural spending reforms, claw back wasteful spending and end Washington’s reckless misuse of taxpayer dollars as part of negotiations on the debt ceiling.

Read more HERE. Lea más en español AQUÍ.

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Sen. Rick Scott in Fox News: Federal Reserve out of control: Americans shouldn’t have to pay for Wall St.-Washington mistakes

Senator Rick Scott wrote an op-ed for Fox News demanding serious changes and accountability at the Federal Reserve following this month’s shocking failures of Silicon Valley Bank (SVB) and Signature Bank. In the op-ed, Senator Scott highlights his fight to protect American families and workers so that their interests always come before those of Wall Street and the old Washington establishment.

This week, Senator Scott is introducing legislation to make needed changes at the Federal Reserve and hold bad actors at the banks accountable by allowing clawbacks of bonuses and excess compensation to bank executives prior to failure. Yesterday, he sent a letter to Jerome Powell, Chair of the Board of Governors of the Federal Reserve System, calling out the Fed’s gross mismanagement and lack of oversight of these banks and demanding significant reforms.

In the op-ed, Senator Rick Scott writes, “When a crisis occurs and it becomes clear that government is not being accountable to the American people, two things have to happen. First, you have to make changes so that the crisis never happens again, and then you have to hold anyone that failed to do the right thing fully accountable…

I was a bit shocked when President Biden and Treasury Secretary Janet Yellen repeatedly claimed last week that the U.S. banking system is strong. Excuse me for not jumping to believe the economic opinions of the people who told us inflation was ‘only temporary’ in 2021. The people I talk to in Florida feel the same way. You can’t trust anything out of the federal government right now, it’s all massaged to fit their narrative…

That’s why we need independent authorities who can investigate government and fight for the transparency and accountability our citizens deserve…

What’s shocking is that the Federal Reserve doesn’t have this oversight.

Yes, you read that right. The Federal Reserve, the world’s largest and most powerful central bank, does not have a truly independent IG to investigate it. I’m fighting to fix that and will be introducing a bill soon – that I believe will have bipartisan support – to establish a presidentially-appointed, Senate-confirmed inspector general at the Fed like every other major government agency…

If Fed Chairman Jerome Powell really cares about the American economy and serving the taxpayers, he will do three things during the Fed’s meeting this week: put his support behind this idea, tell us who at the Fed is being fired for its lack of bank oversight, and tell us what changes have been made so this never happens again. Let’s see if he’s brave enough to do it…

Of course, forcing more accountability at the Fed is only one piece of fixing this disaster. Banks need to be held accountable too.

The fact that executives at Silicon Valley Bank handed out bonuses, and paid themselves, when they knew they were going under is disgusting and shouldn’t be allowed. Along with my bill to install an independent IG at the Fed, I’ll be fighting to pass legislation that claws back these bonuses and any other excess compensation. We have to make sure that money is paid back to cover their losses and make innocent customers whole…

Right now, the system is set up to benefit the old Washington-Wall Street insiders while the American people are on the hook. We saw it in 2008 when the banks got a bailout and you paid for it. Now it’s happening again…

I say no. No more ‘free lunches’ for the banks while the American people continue to foot the bill and suffer the consequences of failures they had no fault in…

The American people are tired of caving, tired of broken promises, and tired of paying the bill for Wall Street’s mismanagement and Washington’s failure to stand up and say enough. So am I and that’s why I won’t give up this fight.”

Read the full op-ed in Fox News HERE.

 

 

Fox News: Sens. Rick Scott, Elizabeth Warren propose to replace the Fed’s internal watchdog

Politico: Warren, Rick Scott push for independent Fed watchdog

Axios: Scott’s Solar Crusade

MarketWatch: Rick Scott and Elizabeth Warren team up to call for independent inspector for Fed, citing ‘gross mismanagement’

Zero Hedge: Rick Scott, Liz Warren Unveil Bipartisan Fed Oversight Bill

Reuters: US Sen Scott pushes for new Fed inspector general, slams Fed over bank regulation’

Reuters: Republican U.S. Senator Rick Scott, Democrat Warren unveil Fed oversight bill

The Hill: Sens. Rick Scott, Elizabeth Warren join forces for Federal Reserve oversight bill

Breitbart: Republican Rick Scott, Democrat Elizabeth Warren Unveil Federal Reserve Oversight Bill

Newsmax: Fed Needs Independent Inspector General

Investopedia: Senators Call for Independent Oversight of Fed

Florida Daily: Rick Scott, Elizabeth Warren Want Independent Inspector General Overseeing the Federal Reserve

Florida Daily: Florida Delegation Champions Effort to Have More Space Flights Launched on U.S. Soil

Florida Daily: Rick Scott, Scott Franklin Want Congress to Honor Turkey Unique to Florida 

The Floridian: Rick Scott Tackles Out-of-Control Federal Budget

The Floridian: Scott, Warren Join Forces, Introduce Bill to Monitor The Fed’s Decision Making

     

Senator Scott’s Team in Pensacola

This week, Senator Scott’s team attended the West Florida Defense Alliance (WFDA) meeting in Pensacola. WFDA is the liaison between Florida’s military installations and the community.

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Senator Scott’s Team in Fort Myers

Senator Scott’s team also attended the Behavioral Health and Opioid Awareness Coffee & Connections event in Lee County.

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Senator Scott’s Team in Orlando

Additionally, Senator Scott’s team hosted a Veterans’ Town Hall at the Orlando VA Medical Center, where they met with constituents and received an update on VA programs.

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Senator Scott’s team also attended the official launch of the 2023 Florida Puerto Rican Parade in Orlando.

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Senator Scott’s Team in Winter Park

Another event Senator Scott’s team attended was the First Annual Tuskegee Airmen Commemoration Day Celebration in Winter Park.

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