‘Disastrous mismanagement’: Rick Scott resumes Fed critiques

While it appears Federal Reserve Chair Jerome Powell is safe in his post despite President Donald  Trump’s issues with him, a Florida Senator continues to bash the central bank.

“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,” said Rick Scott Friday.

Scott is sponsoring the Federal Reserve Transparency Act, which calls for the Comptroller General of the United States to complete an audit of the Board of Governors of the Federal Reserve System and the Federal Reserve banks within 12 months of the bill becoming law. Like many Republicans including the President, he takes issue with renovations being conducted on the Federal Reserve building.

“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.”

But that’s just the start of what the Naples Republican calls a “serious list of failures” that includes “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,” Scott claims.