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Under the leadership of the president of the Federal Reserve, Jay Powell, the Central Bank of the United States has repeatedly failed its objective of promoting a strong American economy with stable prices and a maximum employment that provides financial opportunities for US families. These failures, for which President Powell has taken zero responsibility, have caused catastrophic damage to the livelihoods of millions of American families and companies, and demand an immediate change in leadership.
Working together with former President Biden, President Powell has directed a Federal Reserve that has not acted independently in the best interest of the American people, and instead chose policies to appease the elites of Washington, Wall Street and international organizations left. Their failed policies have devastated families and retired workers with triggered inflation, which insisted for months was only “transitory”, fed by the reckless spending of the Biden administration that added more than $ 8 billion to the national debt in four years.
Powell's inability to maintain stable prices forced the massive peaks in interest rates, and did nothing to fix a job market that is bleeding full -time jobs and forcing millions of Americans to work multiple jobs just to get to the end of the month. The Powell Federal Reserve has seriously administered the monetary policy of the United States and has increased its balance to an unsustainable $ 6.8 billion.
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The Federal Reserve has also supervised massive bank failures in Powell's Watch, such as Silicon Valley Bank's collapse (SVB), with zero responsibility. Despite being responsible for the supervision of SVB, no one in the Federal Reserve has been fired for it. Just look at the findings of Vice President of Supervision of the 2023 Report of Michael Barr who showed how bad the Fed was handled under his leadership! Fortunately, Vice President Barr will give up early from his supervision role, which needs a new leadership. As senator of the United States, I hope to support a nominated who has a real vision to reform the Federal Reserve and significantly improve the responsibility and transparency of their actions.
Here's why all this matters. While President Powell and his leadership team may not feel the daily impacts of their failures, families such as mine who grow are forced to deal with their consequences every day. I grew up in public homes and my mother took strange jobs to get to the end of the month and put food on the table. We didn't have much, but my mother 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, today's parents doubt their children with the same promise.
I speak with Floridans who cannot pay a mortgage due to high interest rates. They are working more than 40 hours a week, but they still depend on food banks for dinner, and do not understand why their federal government has been promoting policies during the last four years that things get worse. That is unacceptable and I know that I am not the only one here in Washington who is listening to these heartbreaking stories. Now, it corresponds to those who have the power to reverse these failures to act.
I think that, with the Republicans by Congress and President Trump in the White House, we are at dawn of a new day for American greatness that will mark the beginning of the Golden Age of America. In the upper part of our list to make the United States again and make Washington work for American families should be a bold action that forces the Federal Reserve to correct the course and help American families. But that will only happen with a new leadership focused on restoring confidence and responsibility in the Fed. It is time to clean the house of all those who work in the Federal Reserve that is not on board to help the US people and fight for their best interests.
After four horrible years of Joe Biden's economic policies, supported by a seriously poorly managed federal reserve, Americans need changes. With a new and strong leadership in the Federal Reserve and President Trump in the White House, we can recover the United States on a path of fiscal sanity for future generations.
