Sen. Rick Scott is Fighting to Hold the Federal Reserve Accountable
Sen. Rick Scott Introduces Bipartisan Legislation Holding the Federal Reserve Accountable
Last month, Senator Rick Scott was joined by Senator Elizabeth Warren in sending a letter to Federal Reserve (Fed) Inspector General (IG) Mark Bialek, reiterating the need to make his position a presidentially-appointed, Senate-confirmed role to provide greater accountability at the Fed. Mr. Bialek testified in front of the senators at a Senate Banking Subcommittee hearing last Wednesday. The letter was sent in response to several concerns he had raised about S. 915, the Senators’ bipartisan Fed IG reform legislation.
Additionally, the lawmakers introduced the Strengthening Federal Reserve System Accountability Act, to improve the governance of the Federal Reserve System and make the Fed more transparent and accountable. The senators’ new legislation would prohibit executives from large banks from serving on Reserve Bank boards of directors, require the Board of Governors and Reserve Banks to disclose more information about the Reserve Bank president and director selection processes, and subject Reserve Bank directors to ethics and financial conflict of interest rules.
Read more HERE.
| Sen. Rick Scott Issues Weekly Update on Biden’s Inflation Crisis: Jay Powell is a Trillion-Dollar-Loser | |||||||||||||||||||||
| Senator Rick Scott released a weekly update on his actions to address America’s debt crisis and rising inflation by sharing his statement slamming the Federal Reserve for losing over $1 TRILLION taxpayer dollars in the last year under the management of Chair Jay Powell.
Senator Rick Scott said, “Jay Powell is a TRILLION DOLLAR LOSER. He might be the first trillion dollar loser in American history. Under his watch, the Fed has managed to lose more than $1.2 TRILLION of taxpayers’ hard-earned money in the last year. It’s gross incompetence and when its paired with the wildly reckless spending of the Biden administration, it’s no wonder why we have massive inflation and debt. I am hearing from families all over Florida that are struggling to make ends meet, unsure how they are going to cover bills and save for retirement due to the burden of Biden’s inflation crisis. So when I hear of leaders in this country like Jay Powell, who are supposed to be good stewards of the American public be completely reckless, it makes me furious. The Fed does not have an independent Inspector General, it employs about 23,000 people and is losing nearly $3.4 BILLION EVERY DAY. Enough is enough. We must have real accountability NOW. Would you bank with the Fed?” Read more HERE.
Since being elected to the U.S. Senate, Senator Scott has repeatedly urged action to address America’s debt crisis and the harmful effects of inflation. Click HERE for a comprehensive list of his statements and actions on this urgent issue.
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