Under the disastrous leadership of Federal Reserve Chair Jay Powell, America’s central bank has repeatedly failed in its mission to promote economic stability, maintain price control, and ensure maximum employment. Instead of acting independently in the best interest of American families and businesses, Powell’s Fed has chosen to appease Washington elites, Wall Street cronies, and globalist organizations, causing economic turmoil that demands immediate action.
Working hand-in-hand with Joe Biden’s reckless administration, Powell failed to control inflation, calling it “transitory” for months while Americans watched prices skyrocket. Biden’s reckless spending added more than $8 trillion to the national debt in just four years, and Powell did nothing to stop the economic damage. The result? Inflation soared, interest rates spiked, and millions of hardworking Americans found themselves struggling to afford basic necessities.
Powell’s Interest Rate Hikes Have Crushed American Families
The Federal Reserve’s failure to manage inflation led to historic interest rate hikes, putting homeownership out of reach for many Americans. Full-time jobs have disappeared, forcing millions into part-time work just to make ends meet. Parents who once dreamed of a better future for their children are now forced to rely on food banks, working long hours but still unable to afford housing, groceries, or gas. This is the reality of Powell’s Federal Reserve.
At the same time, Powell’s Fed has grossly mismanaged its own balance sheet, ballooning it to an unsustainable $6.8 trillion. The central bank has also overseen major bank collapses, like the 2023 failure of Silicon Valley Bank (SVB), yet not a single person at the Federal Reserve has been held accountable. Vice Chair for Supervision Michael Barr’s 2023 report exposed just how poorly the Fed was managed, yet Powell and his leadership team continue to operate without consequence.
America Needs Strong, Accountable Leadership at the Federal Reserve
Families struggling under the weight of high interest rates and a weak job market deserve a Federal Reserve that works for them, not against them. The good news? Vice Chair Barr is stepping down early, creating an opportunity for real reform. The next nominee for this critical role must be someone with a clear vision for restoring accountability, improving transparency, and putting American families first.
As a United States Senator, I look forward to supporting a nominee who will bring real leadership to the Federal Reserve and reverse the economic damage inflicted by Powell and Biden’s failed policies. The time for action is now.
A New Era of American Greatness Begins with Strong Leadership
The American Dream is slipping away for too many families. I grew up in public housing, watched my mother take on multiple jobs just to put food on the table, and saw firsthand how hard work could lead to success. But today, that dream feels out of reach for millions of Americans. They deserve better.
Republicans in Congress and President Trump in the White House are ready to lead America into a new golden age of economic growth. To make that happen, we must take bold action to fix the Federal Reserve, restore trust in our financial system, and bring stability back to our economy.
It’s time to clean house at the Federal Reserve. We need leadership that is focused on helping American families, not playing political games with Washington elites. After four years of Biden’s economic failures, it’s time to get America back on track with new leadership that prioritizes fiscal sanity, economic opportunity, and financial security for future generations.
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