GOP Senator Rick Scott Rips Apart Fed's Monetary Policy Stance: 'Wouldn't Want To Have A Report Card If I Was Jay Powell Right Now'

Grand News Network | November 8, 2023

Sen. Rick Scott (R-FLa.) on Tuesday took aim at Federal Reserve Chair Jerome Powell for the problems with the central bank’s balance sheet.

Powell Cops The Blame: It is Powell along with his predecessors, namely Janet Yellen and Ben Bernanke, who are to blame for the Fed’s bloated balance sheet, said Scott in an interview with CNBC’s Squawk Box.

The senator noted that when former President Barack Obama was election, the Fed’s balance sheet, which is the statement listing the central bank’s assets and liabilities, was around $800 billion. But Powell was the one who doubled it from around $4.5 trillion-$4.6 trillion to around $9 trillion, he added.

“He [Powell] promised to bring it down and he hasn’t. He is bringing it down very slowly,” Scott said. The senator also questioned why the Fed chair went so fast at a rate ...

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