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

July 21, 2023

WASHINGTON, D.C. – Today, Senator Rick Scott released a weekly update on his actions to address America’s debt crisis and rising inflation. Earlier this week, Senator Scott introduced a legislative package aimed at forcing accountability on the Federal Reserve, ending its bad practices that have cost Americans more than $1 trillion, and reining in the agency’s out-of-control, $8.3 TRILLION balance sheet. This package includes: the Regular Order for Investments (ROI) of the Federal Reserve Act to end the Fed’s bad practices and force the Fed to consider the impact of its decisions on hard-working American families so this never happens again; the Right-Size the Federal Reserve Act to ensure an unwinding of the Fed’s massive balance sheet by mandating that it remain at or below 10% of U.S. GDP; and the Rein in the Federal Reserve Act to interject much-needed scrutiny and accountability of the Fed’s actions by establishing a statutory process for more strict oversight by Congress. Read more about the proposals in the Senator’s Washington Examiner op-ed HERE.


This legislation builds on Senator Scott’s bipartisan bill to require a presidentially-appointed and Senate-confirmed inspector general to the Board of Governors of the Federal Reserve System and the Consumer Financial Protection Bureau. Read more about the specifics of the bills HERE.


Senator Rick Scott said, “The lack of accountability and guardrails at the Federal Reserve have allowed the agency to make bad decisions with no consequences, growing its balance sheet to an unsustainable $8.3 trillion, making the Fed the largest agency, financially. Under Chair Powell’s leadership, the Fed has lost $1.3 trillion of your money just last year. It’s time for this insanity to stop. Hardworking American families shouldn’t be worried about the Federal Reserve making risky decisions that waste their hard-earned tax dollars. We cannot allow Americans to be forced to endure continued failures at the Federal Reserve any longer. This legislative package puts forward comprehensive reforms to rein in the Federal Reserve, better protect taxpayer money and make sure the Fed is truly accountable to Congress and the American people.


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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