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.
he sent recently to the newest Fed board members - Fed Vice Chair Philip Jefferson and governors Lisa Cook and Adriana Kugler - seeking their positions on the Fed's ongoing balance sheet reduction program.“It is clear that your current plan to reduce the balance sheet is insufficient, and that it would never solve the problem of your massive balance sheet,” Scott wrote. “It makes no sense to me why you cannot reduce the balance sheet at the same rate you have increased it.
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. In an interview, Scott said he had not received any response to his letters. A Fed spokesperson said the central bank plans a response.. 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.
The IG is currently appointed by the Fed chair, an arrangement Scott, Warren and some outside experts have said presents a conflict of interest. The legislation, however, has madeA former coal cellar where the great Renaissance artist Michelangelo is thought to have hidden to escape from a furious pope will open to the public on Nov. 15, a museum in Florence said on Tuesday.
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