WASHINGTON, D.C. – Today, Senator Rick Scott continued his work to fix the Federal Reserve (Fed) with new legislation, the Federal Reserve Accountability for Major Expenditures (FRAME) Act, to rein in unchecked spending by the Federal Reserve, such as the Fed’s recent $3 billion dollar building renovations. The bill would allow Congress the ability to review and deny any Fed capital expenditures exceeding $100 million, ensuring federal dollars are not wasted or mismanaged by the Federal Reserve.

Senator Rick Scott said, “In recent years, Jay Powell has overseen a Federal Reserve with zero accountability to the American people – completely wasting their dollars, mismanaging policies that harm them, misallocating capital, overlooking failures and unethical conduct, and spending BILLIONS the Fed doesn’t even have on new luxury office building renovations. The era of a free-for-all at the Federal Reserve is over. I’ve been working on several pieces of legislation to rein in the Federal Reserve and refocus its priorities on the American people. My new bill, the FRAME Act, will give Congress the ability to review and deny any major capital expenditure exceeding $100 million at the Fed. If the Federal Reserve wants to spend federal dollars on fancy projects when those dollars could be better serving the American people, it should have to answer to Congress first. This bill is a great step in restoring transparency, enforcing accountability, and rebuilding the trust Americans have lost in our central bank.” 

Senator Scott has consistently led efforts to hold the Federal Reserve accountable through a series of legislative initiatives. His legislative package includes the Regular Order For Investments (ROI) of the Federal Reserve Act, Right Size the Federal Reserve Act, and Rein in the Federal Reserve Act. He has also pushed for greater accountability in a letter to Chairman Jay Powell, raising concerns over ethics violations, allegations of insider trading, and recent bank failures. Earlier this year, Senator Scott authored a Fox News op-ed highlighting Chairman Powell’s leadership failures and their impact on American families. He also introduced the Fiscal Accountability for Interest on Reserves (FAIR) Act, which would end the Fed’s practice of paying interest to banks on their reserve balances, a policy that cost taxpayers $186 billion in 2024 and is projected to exceed $1 trillion over the next decade. Additionally, Senator Scott has sent a letter to President Trump recommending certain criteria for the next chairman of the Federal Reserve, and has championed legislation to establish a presidentially appointed, Senate-confirmed Inspector General at the Federal Reserve to ensure meaningful oversight and accountability.

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