Republican US senator presses Fed officials on bond-buying policies
© Reuters. FILE PHOTO: U.S. Senator Rick Scott attends the weekly Republican policy luncheon at the U.S. Capitol in Washington, U.S., September 19, 2023. REUTERS/Evelyn Hockstein/File Photo - U.S. Senator Rick Scott, a fierce critic of the Federal Reserve's bond-buying program, has sent a new letter to central bank Chair Jerome Powell complaining about what the Florida Republican sees as slow progress in shedding assets from its balance sheet.
To Powell, Scott asked why a process that has seen the Fed shed about a trillion dollars in bonds has moved more slowly than central bankers had expected. The Fed, which has long faced criticism that its asset purchases may warp financial markets, more than doubled the size of its balance sheet between the spring of 2020 and the summer of 2022, when holdings peaked just shy of $9 trillion.
Scott asked Powell for similar information in January. A spokesperson from Scott's office said Scott had not received a written response but had discussed balance sheet issues during in-person meetings with central bankers over the last several years.
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