Many Americans continue to struggle under President Biden's economy. Senator Rick Scott (R-FL) has blamed Federal Reserve Chairman Jerome "Jay" Powell, arguing that "His gross mismanagement of the Federal Reserve has stolen the American Dream from millions of families and caused massive damage to our economy."
The demand came shortly after Powell spoke at an economic policy symposium in Wyoming, focusing on inflation, economic growth, and the labor market. However, Sen. Scott said on X (formerly known as Twitter) that Powell failed to address "rising prices for food, groceries & gas – the things that most affect American families," nor did he "talk about how reckless government spending continues to hurt our economy & fuel rising prices."
"Jay Powell’s speech had nothing about rising prices for food, groceries & gas – the things that most affect American families. He also didn’t talk about how reckless government spending continues to hurt our economy & fuel rising prices. It’s time for Jay Powell to resign," tweeted Scott.
Jay Powell’s speech had nothing about rising prices for food, groceries & gas – the things that most affect American families. He also didn’t talk about how reckless government spending continues to hurt our economy & fuel rising prices.
It’s time for Jay Powell to resign.…
— Rick Scott (@SenRickScott) August 25, 2023
In March, Scott teamed up with Senator Elizabeth Warren (D-MA) to introduce a bill requiring the creation of a Federal Reserve Inspector General to oversee decisions, calling it "outrageous" that the position did not exist to begin with.
"It’s outrageous that the Federal Reserve, the world’s largest and most powerful central bank, does not have a truly independent inspector general to investigate it – an independent authority to fight for the transparency and accountability our citizens need," Scott said.
Later in May, Scott and Warren introduced another bill that would "prohibit executives from large banks from serving on Reserve Bank boards of directors, require the Board of Governors and Reserve Banks to disclose more information about the Reserve Bank president and director selection processes, and subject Reserve Bank directors to ethics and financial conflict of interest rules," which was met with opposition with the newly-minted Inspector General Mark Bialek.
Finally, in July, Scott introduced three more bills designed to further bring the Fed to heel, such as requiring reports and authorization from Congress on quantitative easing and emergency facility, following accounting laws required of other banks and businesses, and capping the balance sheet at 10% of the US GDP.
Ultimately, Scott's call for Powell to resign suggests he is looking for the most direct route in reforming the Fed.
