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

Sen. Rick Scott on Failed Federal Reserve Chairman: Corruption, Mismanagement, Zero Accountability…It’s Time for Powell to Go.
July 25, 2025
WASHINGTON, D.C.
– Today, 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:
July 18, 2025:
Sens. Rick Scott, Rand Paul Lead Effort to Audit the Fed Amid Powell’s Failures
May 7, 2025:
Sen. Rick Scott Reintroduces Bills to Hold the Federal Reserve Accountable
May 6, 2025:
Sens. Rick Scott, Elizabeth Warren Lead Push for Independent Inspector General at the Federal Reserve
March 19, 2025:
Sen. Rick Scott: Jay Powell is a Failure at the Federal Reserve
February 18, 2025:
Sens. Rick Scott, Elizabeth Warren Warn of “Culture of Corruption” at the Fed, Call for Stronger Ethics Enforcement
February 5, 2025:
IN CASE YOU MISSED IT… Sen. Rick Scott in Fox News: America can return to fiscal sanity with strong Federal Reserve leadership and Trump back in the White House
August 22, 2024:
Sen. Rick Scott Slams Federal Reserve Chair Powell’s Failures
July 30, 2024:
Sen. Rick Scott to Chair Powell: Fed’s Failure to Meet Balance Sheet Reduction Goals Shows Unacceptable Lack of Accountability
June 11, 2024:
Sens. Rick Scott & Elizabeth Warren Call New Federal Reserve Ethics Enforcement Policy “A Dismal Failure” in Bipartisan Letter
March 20, 2024:
Sen. Rick Scott: Powell’s Balance Sheet Failures Have Caused Massive Misallocation of Capital & Hurt American Families
March 6, 2024:
In Bipartisan Letter, Sens. Rick Scott & Elizabeth Warren Call Out Culture of Corruption in the Federal Reserve
February 5, 2024:
Sen. Rick Scott to Chair Powell: The American People Deserve Accountability for Fed Missing Targets & Fueling Inflation
January 31, 2024:
Sen. Rick Scott Demands Powell Pay Down the Fed’s Balance Sheet
January 25, 2024:
IN CASE YOU MISSED IT… Sen. Rick Scott Forces Fed to Change Bank Program, Stop Allowing Big Profits off Taxpayers
January 18, 2024:
Sen. Rick Scott to Jay Powell: Stop Lining Wall Street’s Pockets with Programs Meant to Help Americans
January 5, 2024:
IN CASE YOU MISSED IT… Sen. Rick Scott in Wall Street Journal: The Fed’s Radical Shift Lets Main Street Down
December 12, 2023:
Sen. Rick Scott Slams Fed Chair Jay Powell for Trillion-Dollar Loss, Disgraceful Leadership
November 1, 2023:
Sen. Rick Scott Urging Accountability From Powell Missing Goal of Reducing the Fed’s Balance Sheet
October 27, 2023:
Sen. Rick Scott Calls out Fed Chair Powell for Fiscal Policy Hypocrisy
July 25, 2023:
IN CASE YOU MISSED IT… Reuters: Sens. Rick Scott and Elizabeth Warren Seek Salary Information from Fed's Inspector General
September 18, 2023:
Sen. Rick Scott Pushes for Accountability from New Federal Reserve Appointees
July 20, 2023:
IN CASE YOU MISSED IT… Sen. Rick Scott in the Washington Examiner: Fed Chairman Jay Powell lost more than $1 trillion of your money. This is my proposal for real accountability
January 31, 2023:
Sen. Rick Scott to Fed Chair Powell: For the Best Interests of the American People, Pay Down Balance Sheet
May 4, 2022:
Sen. Rick Scott: Federal Reserve Continues to Fail Americans as Inflation Crisis Rages
March 16, 2022:
Sen. Rick Scott: Federal Reserve Failed to Address Swollen Balance Sheet, Hurting Our Poorest Families
October 26, 2021:
Sen. Rick Scott: Chair Powell Must Prove Federal Reserve is Independent & Working for American Families
April 2, 2021:
IN CASE YOU MISSED IT… Sen. Rick Scott in Washington Post: Where’s the anti-inflation plan, Mr. Powell?
March 24, 2021:
Sen. Rick Scott to Federal Reserve: What’s Your Plan to Address America’s Debt Crisis?
March 17, 2021:
Sen. Rick Scott: We’re Watching Federal Reserve & President Biden’s Response to Inflation
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https://www.rickscott.senate.gov/2025/7/sen-rick-scott-on-failed-federal-reserve-chairman-corruption-mismanagement-zero-accountability-it-s-time-for-powell-to-go