Sen. Rick Scott to Federal Reserve: With Economy Recovering, Stop Manipulating Market with Treasury & Bond Buys

April 29, 2021

WASHINGTON, D.C. – Today, Senator Rick Scott released the below statement following the release of data showing 6.4% annualized gross domestic product growth in the first quarter of 2021. Despite this news, the Federal Reserve refuses to change course and has indicated that it will continue to purchase $120 billion in Treasury bonds and mortgage-backed securities each month, further stoking inflation.

Senator Rick Scott said, “With America’s economy clearly returning to the pre-pandemic levels ushered in under Republican leadership, it doesn’t make any sense that the Federal Reserve is continuing to buy up bonds at its current pace. By refusing to change course and adapt to our recovering job market and economy, the Federal Reserve is playing a dangerous game that will only further stoke inflation, hurting America’s poorest families the most. Chair Powell and the Federal Reserve must take action to normalize America’s monetary policy and come back in line with its own mandate. Choosing to ignore reality and manipulate the market with these huge buys will do far more harm than good.”

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: