Exclusive — Rick Scott: Federal Reserve Supposed to Benefit Americans, Not Big Banks

Sen. Rick Scott (R-FL) touted his legislation to create more accountability at the nation’s central bank in an interview with Breitbart News, declaring that the Fed is supposed to be a boon to the American people, not the big banks.

Scott, a frequent critic of the Fed, spoke to Breitbart News, discussing that the government’s efforts to curb rampant inflation have made progress but noting that Federal Reserve Chairman Jerome Powell was slow to start combatting inflation by hiking interest rates or reducing the Fed’s balance sheet.

Scott, a member of the Senate Budget Committee, said that the Fed and Powell have done a “horrible job” and that much of today’s inflation could be brought down by Congress balancing the federal government’s budget.

He said, “We’re not going to get inflation under control until we start balancing our budget. If we care about our citizens, which I do, you’ve got, you’ve got to get to a balanced budget. And so I don’t know why that’s hard. Do you do it every day? I do it every day.”

To boost accountability at the Fed, Sens. Scott and Elizabeth Warren (D-MA) unveiled a bill that would require a presidentially appointed and Senate-confirmed inspector general to be placed on the Board of Governors of the Fed and the Consumer Financial Protection Bureau (CFPB).

The two senators unveiled the bill after Silicon Valley Bank and Signature Bank failed, to which they called for more oversight of the “mismanagement” at the Fed.

Related: Warren Accuses Powell of “Gambling with People’s Lives,” Says Fed’s Plan Is Like a “Runaway Train”

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In a press release, Scott’s office noted that there are more than 30 federal agencies that have a presidentially appointed and Senate-confirmed inspector general, but the nation’s central bank does not.

He said that the Fed “shouldn’t be run by the big banks. It’s supposed to be for the benefit of the American public, not for the benefit of big banks.”

Scott added, “We’re trying to figure out why they have 23,000 employees; who’s going to be held accountable for the failure of Silicon Valley Bank and Signature Bank?”