Sen. Rick Scott to Chair Powell: The American People Deserve Accountability for Fed Missing Targets & Fueling Inflation

February 5, 2024

WASHINGTON, D.C.—Today, following last week’s Federal Open Market Committee (FOMC) meeting, Senator Rick Scott sent a letter to Chair of the Federal Reserve Jerome Powell urging accountability regarding his massive failure to meet his target of reducing the Fed’s balance sheet and severely misallocated capital. Senator Scott has been adamant about holding the Fed accountable to their goals of reducing the balance sheet since his election to the Senate. During Powell’s time as chair, he has overseen a wildly unaccountable Fed, which has grossly mismanaged U.S. monetary policy and grown its balance sheet to an unsustainable $7.7 TRILLION, hurting millions of hardworking American families with skyrocketing interest rates and inflation and losing $1.3 TRILLION of taxpayer money just last year.


Read the full letter HERE.


Senator Scott writes, “In May 2022, you stated your plans to reduce the balance sheet by up to $95 billion per month. This means your balance sheet should have dropped by at least $1.7 trillion since June 2022. Unfortunately, you have failed to meet your goals and have only rolled off about $1.3 trillion of balance sheet assets. This is a $400 billion miss.”


Senator Scott continues, “On top of these failures at the Federal Reserve, very serious issues still exist, such as inflation, that continue to plague the American people. Under your leadership, there has been almost three years of inflation above two percent. That means the Federal Reserve has consistently failed to meet its own inflation targets since 2021.”


Earlier this Congress, Senator Scott introduced a legislative package aimed at forcing accountability on the Federal Reserve. 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.



Sen. Rick Scott Demands Powell Pay Down the Fed’s Balance Sheet

Sen. Rick Scott Urging Accountability From Powell Missing Goal of Reducing the Fed’s Balance Sheet

Sen. Rick Scott Pushes for Accountability from New Federal Reserve Appointees

Sen. Rick Scott Slams Fed Chair Jay Powell for Trillion-Dollar Loss, Disgraceful Leadership

Click HERE to read more from Senator Scott’s Quarterly Economic Snapshot.


Read more about Senator Scott's efforts to force accountability at the Federal Reserve and the legislative package he is fighting to pass HERE. Read more about these proposals in the Senator’s Washington Examiner op-ed HERE.