Sen. Rick Scott Fighting for Accountability at the Fed Reserve

July 30, 2025

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Fighting for Fiscal Sanity & Transparency‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌

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

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:

Sens. Rick Scott, Rand Paul Lead Effort to Audit the Fed Amid Powell’s Failures

Senator Rick Scott joined Senator Rand Paul to introduce the Federal Reserve Transparency Act, which requires a full audit of the Federal Reserve System’s Board of Governors and the regional Federal Reserve banks. Senator Scott has repeatedly criticized the Fed under the leadership of Chairman Jay Powell for its continued failures to control inflation, its unchecked expansion of the balance sheet, and a severe lack of accountability to the American people. The Senator has argued that Jay Powell’s mismanagement of the Fed has contributed to soaring interest rates and rising costs for American families and businesses. This legislation seeks to shine a long-overdue spotlight on the central bank’s operations and demands transparency as to how it handles trillions of dollars in taxpayer-backed liabilities.

Senator Scott has previously led various bills to hold the Federal Reserve accountable including a legislative package containing his: Regular Order For Investments (ROI) of the Federal Reserve Act, Right Size the Federal Reserve Act, Rein in the Federal Reserve Act, as well as a bipartisan bill that would require an independent, presidentially-appointed and Senate-confirmed Inspector General. Senator Scott previously called for accountability at the Federal Reserve in a letter to Chairman Powell discussing the need to hold Federal Reserve employees accountable amid numerous ethics concerns, insider trading, and bank failures. Earlier this year, Senator Scott also wrote an op-ed in Fox News, further exposing Jay Powell’s failures to American families as chair of the Federal Reserve.

Senator Rick Scott said: “If the goal were to lose trillions of dollars and get mired in scandals, Jay Powell would be the gold standard – but that’s not the goal. Powell has been a total disaster at the Federal Reserve, accruing over a trillion dollars in losses and mismanaging the central bank at the expense of American families. Under his failed leadership, the Fed has been plagued by ethics scandals, regulatory failures, and a complete lack of transparency. Now, he's blowing $2.5 billion on a luxury renovation at the Fed’s headquarters - that’s more than an NFL stadium or a brand-new skyscraper! American taxpayers deserve answers and accountability, which is why I’ve already introduced bipartisan legislation to require an independent, Senate-confirmed Inspector General at the Fed, and am proud to be leading this effort to deliver a full audit of the Fed’s books. President Trump is right: Jay Powell has been very bad for our country, and it's time for him to go.”
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July 30, 2025