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Dear Fellow Floridian,
For years, I have raised alarms about how Federal Reserve Chair Jay Powell’s failure and mismanagement at the Federal Reserve are harming American families and pushing them further from achieving their American dream. Now, Powell is adding to his failures by spending over $3 BILLION in government money to renovate Fed headquarters — more than the cost of an NFL stadium — while families struggle to make ends meet. And that’s just the start of his failures!
As your Senator, I have worked to hold the Federal Reserve accountable and enact policies that put Americans’ best interests first. This week, I built on these efforts with a new bill, the FAIR Act, with Senator Ted Cruz to end the Fed’s ability to pay interest to banks on reserves when these dollars could be used to fund the government, benefit American families, and pay down the nation’s $37 trillion debt crisis. I also wrote a letter to the President recommending certain criteria for the next Federal Reserve chair to best serve American families, and took to the Senate floor to pass my bill to appoint an independent Inspector General at the Fed to bring accountability. I was disappointed this bill’s passage was blocked by Democrats, but I am just getting started in my fight to bring accountability to the Fed and a fix to Powell's failures and mismanagement.
Americans deserve a Federal Reserve that will work in their best interests. Read more about my fight to hold the Fed accountable HERE.
Sincerely,
Rick Scott
United States Senator
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Sens. Rick Scott, Ted Cruz Lead Bill to Stop Federal Reserve from Wasting $1 Trillion Paying Interest on Bank Reserves
Senator Rick Scott and Senator Ted Cruz introduced the Fiscal Accountability for Interest on Reserves (FAIR) Act to stop the Federal Reserve from paying banks interest on their reserves. In 2024 alone, the Fed paid more than $186 billion in interest payments to banks through this Interest on Reserve Balances program and is expected to pay out more than $1 trillion over the next 10 years to banks. The grossly mismanaged Federal Reserve has been operating at a loss since 2022 with zero dollars remitted to the U.S. Treasury and back to the American people, while wasting billions on interest payments to banks and multi-billion dollar building renovations. Congressman Warren Davidson is leading the companion legislation in the House of Representatives.
Senator Rick Scott said, “The Federal Reserve under Jay Powell’s leadership has been a failure to the American people – it has failed to provide the stability, transparency or accountability Americans deserve from the central bank, and has failed to use dollars in the best interests of the American people. Our bill, the FAIR Act is a great step to refocusing the Fed on American families by stopping their ability to pay interests to banks on reserves when these dollars could be used to fund the government, benefit American families, and pay down the nation’s $37 trillion debt crisis. Jay Powell has already downplayed inflation, rubber-stamped reckless policies, and has fostered a culture of corruption and mismanagement costing taxpayers trillions, while putting the interests of all others before American families. We must force change at the Federal Reserve to put families’ best interest first, bring accountability to the Federal Reserve, and restore fiscal sanity to the nation – my FAIR Act is a great step and I urge my colleagues to pass this ASAP.”
Read more HERE.
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Sen. Rick Scott Introduces Bipartisan Food Date Labeling Act to Standardize America’s Food Labeling
Senator Rick Scott announced the introduction of the bipartisan Food Date Labeling Act, legislation aimed at eliminating confusion around food expiration labels and reducing food waste nationwide. The bill would establish two clear, standardized labels: “Best If Used By” for quality and “Use By” for safety, in an effort to help American families avoid unnecessary food disposal, save consumers money, boost food donation efforts, and reduce environmental harm caused by food waste.
Senator Rick Scott said, “Families across the country are working hard to take care of their families, make good decisions, and put food on the table. The last thing they need to deal with are confusing food date labels that are leading to perfectly good food being thrown away, wasting money and resources. This bipartisan bill offers a clear, straightforward solution to help consumers make smarter choices, reduce food waste, and support food donation efforts. I’m proud to work with my bipartisan colleagues to make our food system more transparent, efficient, and affordable for every American family.”
Read more HERE.
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Chairman Rick Scott Leads Committee Hearing on Protecting Seniors, Combating Abuse and Neglect
Chairman Rick Scott of the U.S. Senate Special Committee on Aging, led a committee hearing titled, “Awareness to Action: Combating Elder Abuse and Neglect” to address elder mistreatment across the country. During the hearing, Chairman Scott underscored the urgent need for Congress to reauthorize the Older Americans Act (OAA) and take meaningful action to protect older Americans from abuse, neglect, and exploitation. The OAA, which Chairman Scott is helping lead in the Senate, funds essential programs that work to protect the health, safety, and dignity of America’s aging community.
Chairman Scott welcomed the following expert witnesses: Maricela Morado, the president and chief executive officer of the Area Agency on Aging for Southwest Florida; Nelson Bunn, the executive director of the National District Attorneys Association; and Sean Voskuhl, the state director for Oklahoma AARP. These experts and advocates highlighted how expanded public awareness, stronger community-based interventions, and improved coordination among caregivers, health professionals, and law enforcement can enhance early detection, reporting, and prevention of elder abuse, drawing from successful state-level initiatives that could serve as national models.
Watch Chairman Scott’s full remarks HERE. Read more HERE. Lea más en español AQUÍ.
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Sen. Rick Scott Thanks Pres. Trump, Sec. Lutnick; Urges Strong Oversight of CHIPS Act Funding to Provide ROI on Tax Dollars
Senator Rick Scott wrote a letter to Secretary of Commerce Howard Lutnick thanking him for his tireless work fulfilling the promises made by President Trump to the American people and to ensure the federal government is spending Americans’ tax dollars wisely. In the letter, Senator Scott asks that the Trump administration implement strict oversight and accountability measures that were never implemented under the Biden administration, and ensure any company that receives or has already received CHIPS Act funding provides a positive return on investment and meets construction deadlines, or risk having their funding reclaimed.
Read the full letter HERE. Read more HERE.
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Sen. Rick Scott to Pres. Trump: Next Fed Chair Must Share Our Commitment to Protecting the American Dream
Senator Rick Scott wrote a letter to President Donald Trump recommending certain criteria for the next Federal Reserve chair as the senator and president continue to demand accountability at the Fed and a fix to Powell's failures and mismanagement. As President Trump fights to protect the American Dream and turn our nation's economy around, the American people deserve a Fed chair that shares that commitment and will work in Americans’ best interests.
Read the full letter HERE. Read more HERE.
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Chairman Rick Scott Joins Colleagues on GUARD Act to Fight Against Financial Scams Targeting America’s Aging Community
Chairman Rick Scott of the U.S. Senate Special Committee on Aging, joined Senator Katie Britt and Ranking Member Kirsten Gillibrand in introducing the Guarding Unprotected Aging Retirees from Deception (GUARD) Act to help protect seniors from increasingly sophisticated financial scams. This bipartisan legislation enhances state and local law enforcement’s ability to investigate financial fraud by expanding the use of federal grant funds to support specialized training and the use of blockchain tracing technology. With financial losses among older Americans soaring into the billions annually, the GUARD Act aims to close critical gaps that scammers exploit, ensuring stronger protections for one of the nation’s most vulnerable populations.
Chairman Rick Scott said, “I am thrilled to join Senators Gillibrand and Britt to introduce the GUARD Act. This bill helps ensure that local and state law enforcement can access critical tools like blockchain tracing technology that is already used by the Department of Justice to freeze hundreds of millions in stolen funds, and receive federal assistance to investigate these crimes more effectively in an effort to stop scams targeting our aging community as we’ve witnessed growing financial threats against aging Americans. As chairman of the U.S. Senate Special Committee on Aging, I am fully committed to standing up for our aging population, who have contributed so much to our country. The committee recently released our annual Fraud Report which details the alarming rise in scams, particularly sophisticated schemes that utilize artificial intelligence. In 2024 alone, frauds and scams cost seniors over $4.8 billion, with those aged 50-59 losing an additional $2.5 billion. Additionally, we have pushed vital initiatives like our National Slam the Scam Day resolution and our toll-free Fraud Hotline, in an effort to expand access to education, prevention tools, and direct support to better empower families to recognize fraud and respond quickly with the necessary steps. Together, with the GUARD Act, we can work to ensure that every older American has the opportunity to enjoy their golden years with dignity, safety, and the financial security they deserve.”
Read more HERE.
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Sen. Rick Scott Calls for Passage of Bill to Establish an Independent Inspector General to the Federal Reserve on Senate Floor
Senator Rick Scott spoke on the Senate floor calling for unanimous passage of his bipartisan legislation to require a presidentially-appointed and Senate-confirmed Inspector General (IG) to the Federal Reserve to bring much-needed accountability to the Fed.
This follows numerous efforts by Senator Scott to hold the Federal Reserve accountable through various legislative initiatives including a legislative package containing his: Regular Order For Investments (ROI) of the Federal Reserve Act, Right Size the Federal Reserve Act, and Rein in the Federal Reserve Act. Senator Scott has previously called for accountability at the Federal Reserve in a letter to Chairman Powell discussing the need to hold Fed employees accountable amid numerous ethics concerns, allegations of 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. Just this week, Senator Scott introduced another bill, the Fiscal Accountability for Interest on Reserves (FAIR) Act, which would stop the Fed from paying interest to banks on their reserve balances, a program that cost taxpayers $186 billion in 2024 alone and is projected to exceed $1 trillion over the next decade, and yesterday sent a letter to President Trump recommending certain criteria for the next chairman of the Federal Reserve.
Read more HERE.
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CNBC: Sen. Rick Scott: We need a massive rethinking of how the Federal Reserve operates
The Washington Times: Sens. Scott, Cruz introduce bill to rein in the Federal Reserve
The Washington Examiner: Royalty Transparency Act approved by Senate committee
Forbes: 'Unbelievable Lack Of Accountability': Rick Scott Presses Admiral Over Navy Shipbuilding Delays
Forbes: Rick Scott: Programs To Deliver Meals To Seniors Are Vitally Important For Combatting Elder Abuse
Forbes: 'We Must Do More': Rick Scott Urges More Legislation To Criminalize And End Elder Abuse
Forbes: Rick Scott Shocked By Pentagon Nom Michael Powers' Response To Question About Auditing The Pentagon'
Forbes: Rick Scott Asks Experts How Elderly Americans Can Avoid Scams That Look Like They Could Be Real
Drone Life: Senator Rick Scott Calls for U.S. Drone Leadership and Security at AUVSI Symposium
Voz Media: Exclusive interview: Rick Scott dismantles Russian election hacking narrative against Donald Trump and criticizes Hunter Biden's impact on Democratic Party
Local 10 News: Senate committee to vote on Scott’s shark-related bill
Florida Politics: Rick Scott bill targets food expiration dates, hopes to limit food waste
Florida Politics: Rick Scott’s FAIR Act cries foul over Fed paying interest on bank reserves
Florida Politics: Donald Trump defends Rick Scott amid Josh Hawley disagreement
Florida Daily: Rick Scott Calls for the Resignation of Federal Reserve Chairman Jay Powell Over Budget Overruns, Ethics Concerns
Tampa Free Press: Florida, New Hampshire Senators Condemn Maduro Regime’s “Theft” Of Venezuelan Election
Tampa Free Press: Florida And Texas Senators Team Up To Halt Fed’s Trillion-Dollar ‘Waste’ On Bank Reserves
Tampa Free Press: Florida Senator Rick Scott Leads Push To End “Confusing” Food Labels |
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Senator Scott's Team in Miami
Senator Scott's team attended the ceremony where DJ Daniels officially became a Miami-Dade Sheriff's Honorary Deputy.
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Senator Scott's Team in Winter Park
Additionally, Senator Scott's team attended the Raymi Dance School's El Día de la Independencia del Perú celebration.
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Senator Scott's Team in Naples
Senator Scott's team also held Mobile Office Hours in Naples at the North Collier Fire & Rescue District.
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Senator Scott's Team in Sarasota
The offices of Senator Rick Scott and Representative Greg Steube cohosted a U.S. Service Academy Fair, where students were able to learn more about the service academy nomination process.
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