Sen. Rick Scott: Federal Reserve Failed to Address Swollen Balance Sheet, Hurting Our Poorest Families

March 16, 2022

WASHINGTON, D.C.  Today, Senator Rick Scott released the below statement following Federal Reserve Chair Jay Powell’s failure to address or fix the Fed’s massive balance sheet.


Senator Rick Scott said, “I am disappointed that the Federal Reserve has again failed to commit to dramatically reduce its unprecedented balance sheet, which distorts the credit markets and allocation of capital – ultimately hurting our poorest families and Americans on fixed incomes. The Fed has failed miserably during the Biden administration, choosing instead to appease an administration hell bent on reckless, inflation-fueling spending. This weak appeasement has been devastating and resulted in less buying power for folks in Florida and across America, especially for low-income families, like mine growing up.


“Since being elected to the Senate, I have continuously sounded the alarm on America’s massive and growing debt, and the danger of the Fed’s swollen balance sheet. I’ve written letters, held meetings and had phone calls with Chair Powell and members of the Federal Open Market Committee to express my concerns and demand action to shrink the balance sheet, but nothing has changed. At every turn, when the Fed could have been fighting for American families by mitigating the long-term risks of its massive balance sheet and telling the truth about the terrible consequences of reckless government spending, it instead chose to appease Joe Biden and the Democrats running Washington.


“Americans are sick of weak policy in Washington. It’s time for the Fed to start fighting for real Americans, not Washington politicians.”