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Under the leadership of Federal Reserve Chair Jay Powell, the United States’ central bank has repeatedly failed its objective to promote a strong American economy with stable prices and maximum employment that provide financial opportunity for American families. These failures, which Chair Powell has taken zero accountability for, have caused catastrophic damage to the livelihoods of millions of American families and businesses, and demand an immediate change in leadership.
Working together with former President Biden, Chair Powell has led a Federal Reserve that has failed to act independently in the best interests of the American people, and instead chosen policies to appease Washington elites, Wall Street and left-leaning international organizations. His failed policies have devastated hardworking families and retirees with skyrocketing inflation, which he insisted for months was just “transitory,” fueled by the Biden administration’s reckless spending that added over $8 trillion to the national debt in four years.
Powell’s inability to keep prices stable forced massive spikes in interest rates, and did nothing to fix a jobs market that is bleeding full-time jobs and forcing millions of Americans to work multiple part-time jobs just to make ends meet. Powell’s Federal Reserve has grossly mismanaged U.S. monetary policy and grown its balance sheet to an unsustainable $6.8 trillion.
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The Federal Reserve has also overseen massive bank failures on Powell’s watch, like the 2023 collapse of Silicon Valley Bank (SVB), with zero accountability. Despite being responsible for the supervision of SVB, nobody at the Federal Reserve has ever or will ever be fired for it. Just look at the findings of Vice Chair for Supervision Michael Barr’s 2023 report that showed just how poorly the Fed was managed under his leadership! Thankfully, Vice Chair Barr will be stepping down early from his Supervision role, which is sorely in need of new leadership. As a United States Senator, I look forward to supporting a nominee who has a real vision to reform the Federal Reserve and will meaningfully enhance accountability and transparency of its actions.
Here’s why all of this matters. While Chair Powell and his leadership team may not feel the daily impacts of their failures, families like mine growing up are forced to grapple with their consequences every day. I grew up in public housing and my mom took odd jobs to make ends meet and put food on the table. We didn’t have much, but my mom always told us that if we worked hard, we could live the American Dream. While that was true then, and I had the opportunity to live my American Dream, parents today are rightly hesitant to make the same promise to their children.
I talk to Floridians who can’t afford a mortgage because of high interest rates. They’re working 40+ hours a week but still relying on foodbanks for dinner, and they don’t understand why their federal government has been driving policies for the past four years that make things worse for them. That is unacceptable and I know that I am not the only one here in Washington that is hearing these heartbreaking stories. Now, it is incumbent on those who have the power to reverse these failures to act.
I believe that, with Republicans in charge of Congress and President Trump in the White House, we are at the dawn of a new day for American greatness that will usher in the Golden Age of America. At the top of our list to make America great again and make Washington work for American families must be bold action that forces the Federal Reserve to course-correct and help American families. But that will only happen with new leadership focused on restoring trust and accountability at the Fed. It’s time to clean house of everyone working at the Federal Reserve who isn’t on board with helping the American people and fighting for their best interests.
After four horrible years of Joe Biden’s economic policies, supported by a grossly mismanaged Federal Reserve, Americans need change. With new, strong leadership at the Federal Reserve and President Trump back in the White House, we can get America back on a path of fiscal sanity for future generations.
