Press Releases

Sen. Rick Scott on Failed Federal Reserve Chairman: Corruption, Mismanagement, Zero Accountability…It’s Time for Powell to Go.

July 25, 2025

WASHINGTON, D.C. – Today, Senator Rick Scott released the below statement on the failed Federal Reserve Chairman, Jay Powell. Senator Scott has, for years, been calling out Powell’s disastrous leadership at the Fed, and the latest news that the new headquarters is almost a billion dollars over budget is nothing to be surprised at. Corruption, mismanagement, zero accountability – that’s Jay Powell’s Federal Reserve. It’s time for Powell to go.

 

Senator Rick Scott said, “We cannot downplay the harm Powell has inflicted on the American economy and American lives; for years, he lied, saying inflation was transitory and rubber-stamping Biden’s failures. And for years, I have warned how Powell’s continued disastrous mismanagement is costing taxpayers money, pushing families further from achieving their American Dream and made clear: for someone tasked with independently prioritizing our economy, that is a dereliction of duty.

 

“Powell has allowed a culture of corruption at the Fed. He’s overseen hundreds of reported ethics violations and gross mismanagement, all with zero accountability despite bipartisan calls for reform. Now, Powell is spending over $3 BILLION in government money to renovate Fed headquarters — more than the cost of an NFL stadium — while families struggle to put food on the table.

 

“Add to this serious list of failures: an underwater, unsustainable $6.7 trillion balance sheet, with over $77 billion in operating losses last year; overseeing the failure of Silicon Valley Bank and others; abuse of tax dollars and refusal to provide stability for our economy and families. Yet nothing has changed, because Powell has remained. The American people would agree that a change is long overdue.”

 

Senator Scott has been calling for accountability and highlighting Chair Powell’s failure at the Federal Reserve for years:

 

###