Senator Rick Scott Urges Trump to Replace Fed Chair Powell Over Reckless Policies

Florida Senator Rick Scott has publicly criticized Federal Reserve Chairman Jerome Powell in a letter to President Donald Trump, advocating for his replacement. Scott accused Powell of reckless monetary management, highlighting the Fed's ballooning balance sheet, which has expanded from $4.1 trillion in 2019 to nearly $9 trillion, and currently stands at $6.7 trillion. He argued that Powell's policies have distorted markets, misallocated capital, and eroded confidence in the financial system. Scott blamed the Biden administration and Democratic policies for allowing the Fed's balance sheet to grow unchecked, contributing to a national debt increase of over $8 trillion during Biden's tenure. He asserted that Powell's actions have made it more difficult for Americans to afford essentials like homes and food. Calling for leadership change, Scott urged the Trump administration to appoint someone opposite to Powell—focused on price stability—to restore trust in the economy. He praised Trump’s potential role in reestablishing faith in the Federal Reserve and emphasized that Powell's mismanagement has led to a cost-of-living crisis, with inflation exceeding 20%, impacting millions. Pre...