May 8, 2025 • 9 mins
Senator Rick Scott is working on legislation to make the Federal Reserve accountable to the American people.
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Transcript
Episode Transcript
Available transcripts are automatically generated. Complete accuracy is not guaranteed.
Speaker 1 (00:00):
The Brian Musho Podcast is driven by Brayman Motor Cars.
My family is a Brayman Motor Cars family. Your family
should be to visit Braymanmotorcars dot com.
Speaker 2 (00:13):
In fact, integrity and trust. This is the Brian Mudshow.
Speaker 3 (00:19):
It is and we are joined by Senator Rick Scott. Yesterday,
of course, the Federal Reserve decided to leave interest rates unchange,
which was expected. But President Trump hasn't been happy for
quite some time, saying that the Federal Reserve is way
behind the curve. And somebody who agrees that we need
some additional accountability with the Federal Reserve is Senator Scott.
Speaker 2 (00:43):
Good morning, Good.
Speaker 4 (00:45):
Morning, Brian. J. Pow has been a massive failure to
think about what he's done. He built up a balance
sheet that so today the assets of the set of
reserve are worth one trillion dollars left. The Federalserve always
made money under J. Powell. It loses about one hundred
billion dollars a year. So they were a profit center
(01:08):
for the USA Treasury. Now they cost US one hundred
billion dollars a year. Here we have the bank failures,
the Federal Reserve. No one, it's the reserve is responsible
for that. Oh oh, they're supposed to do the oversight.
Nobody they have. They have had allegations of desire trading.
They have board members that don't disclose their trade. Don't worry.
(01:30):
We got an independent Oh no, it's not an inspector general.
It's independent like all other federal agencies. It's an inspector
Drierllal that reports to J. Powell. And I wonder why
no one's ever been held accountable there. That's your Federal Reserve.
So I've got a bunch of bills to try to
fix this. I'm working with Senator Elizabeth Warren to get
a truly independent in spector General that's sent a confirmed
(01:52):
so we can actually have some accountability. So this is
and you know just how cannot explain the balance sheet sousing.
He costs so many people to lose money when except
digitate throwing and raised him quickly.
Speaker 3 (02:09):
And so as the Senator is talking about and you
you did hear that correctly. Senator Scott is working with
Senator Warren, Elizabeth Warren on this also the Rain and
the Federal Reserve Act with Senator Cynthia Loomis as well.
This is a bipartisan effort that you are advancing here
for greater accountability, and you know, the Senator, you talk
(02:31):
about the independent oversight that's necessary here. Even just in
terms of the day job, it doesn't seem like they've
been doing an especially good job. I mean, look, you
go back to you go back to twenty twenty one,
and they were telling us, oh, inflation is just oh
inory and now you know the nonsense.
Speaker 2 (02:50):
So tell us your your thoughts about all that.
Speaker 4 (02:52):
Well, yeah, remember the you know, transitory place that was
like a couple of months or so. No, it continues
a few years on top of that. Do what he's doing.
He's spending two and a half billion dollars bill he
wants a new office, two and a half billion for
a new office. Who and who in the country is
(03:14):
spending two and a half billion dollars for a new office?
Speaker 2 (03:18):
How would you do that?
Speaker 4 (03:19):
That's what it dependent says for you. You can do
whatever you want, spend that money, like to go down south,
because guess what, we don't have any control over what
they're doing. If they're completely independent, and he's complete he's
I mean, you just can't make this up. A trillion
dollar loser. I don't know anybody in my lifetime they
lost a trillion dollars. But Jake, how just in the
(03:40):
last four years.
Speaker 3 (03:42):
You know, there are so many questions about motivations here
with the Vetereral Reserve, and you do have to wonder
at a certain point. You know, obviously we're talking about
with inflation and how they blew it the last time,
where they said it was transitory and they let it
get out of control.
Speaker 2 (03:57):
Along with Biden's policies, you have the last time.
Speaker 3 (04:01):
The inflation rate was where it is today, two point
four percent. They were there, They had the Fed funds
rate at zero to a quarter of one percent. Today
we're at four and a quarter to four and a half. Okay,
so they were behind the curve back then.
Speaker 2 (04:17):
But which is it?
Speaker 3 (04:17):
I mean, how is it that you have the same
inflation rate and you're charging over four percent more interest
at that same rate.
Speaker 4 (04:25):
It's different. Oh, we had a Democrat president, so you've
got to help them, and you got to hurt the
Republican president. That's all this is. J Powell is a
complete partisan chairman of the Reserve, and he did everything
could to, you know, take care of the economy. So
Biden R. Harris would win. This time, it didn't work
(04:47):
because people saw food so and he went defended you know,
Biden policy, but his tax tariffs. But they defended all
of the suddening by Biden. But tariffs. Man that all
the world's going to end, you know, you know, helping
Americans good jobs. Oh, I thought that was part of
(05:08):
what the Further Reserve was actually supposed to do, is
make sure Americans good jobs. What he does see trashes
Trump's tariffs, which is trying to get more American jobs,
uh and making countries allow us to sell our products
and services into their country and help Americans get more jobs.
Speaker 3 (05:24):
So his editor, obviously you're you're looking to change the
way that the FED it goes about its business where
you have true oversight in the mix.
Speaker 2 (05:32):
In the meantime, you know.
Speaker 3 (05:34):
There are the constitutional questions about the removal Pal.
Speaker 2 (05:37):
Trump has walked back.
Speaker 3 (05:38):
You know, the the thoughts that maybe he would try
to fire him.
Speaker 2 (05:42):
Do you think that Trump should try to fire Pal?
Speaker 4 (05:46):
I would I think I think Pops to resign. I
think he's been a disaster. The artist. The art acknowledge that,
you know, he's been a partison packed. He's a failure.
No one's lost on you like this, and let's get
somebody in there. It's going to right size the balance sheet,
is going to you know, really look where interest rates
ought to be. Is going to hold start holding people accountable.
(06:08):
So I think he's a failure. He's going to go
down as one of the biggest you know, shairmen of
the the biggest fire failure, probably anythe or a third chairman.
So if I was him, I've designed right now. I
don't know what the rules are as far as our lawyers,
as far as Trump's ability as a firing, but he
shouldn't have to th guy should quit.
Speaker 2 (06:25):
Senator.
Speaker 3 (06:26):
Speaking of legislative matters BBB, where we stand in the
Senate on the BBB.
Speaker 4 (06:33):
Well, uh, we're having a lot of conversations with basally
what we're talking about all day long. I think we're
all in the position that we want to get something done.
We want to extend that Trump tax cuts, we want
to get placed under control, we want to get the
balance sheet down, we want to secure the border. So
it's just you know, trying to negotiate something you've got
(06:55):
to get two in eighteen people vote for it in
the House and fifty on people vote for the Senate,
So you're just trying to negotiat you and done. I'm optimistic,
it's going to take a while. We you know, here's it.
We've had a two percent increase in population five years
and a fifty three percent increase in spending, and so
there's a lot there. People say, well, we can't stop spending. Well,
(07:15):
we don't stop spending inflace, you will never get under control.
We're never getting intertrates down. It's it's pretty basic. Complation
is tied to you know, you know, government spending more
than it takes. Then we're you know, we're devaluing the dollar.
So we've we've got to get this done. It's hard,
you know, people, you know, legislators generally don't want to
(07:36):
cut spending. I balance a budget every year I was governor.
It's not that hard. You do it. You say, what
my revenue is going to be, Guess what my expense
are going to be? Less than that? How hard is that?
We know we're going to collect probably about five and
a half trillion dollars this year right now, our run
rates over seven trillion. We got to, you know, we've
got to get this under control. Are you this this
(07:56):
inflation is going to continue to stick around? Well, now
we get low interest rates again.
Speaker 3 (08:03):
We are hearing from House Speaker Mike Johnson that, hey,
we could be a matter of days away from the
House bringing this to far vote. Seven of the eleven
subcommittees that have completed their process at this point. Last
I heard something substantive out of the Senate. It was
from Lindsey Graham late last week where he said, hey,
we're we're committed to finding one and a half to
two trillion in savings.
Speaker 2 (08:23):
That is the House number.
Speaker 3 (08:25):
Is that where the conversation is right now that we're
talking about, you know, kind of operating on that one
and a half trillion plus savings.
Speaker 4 (08:30):
Mark, Okay, let me give you some numbers. If we
only do one and a half trillion right now, think
about this. We've had a fifty three percent increase in
spending in five years. If we do it one half trillion,
that's less than two percent reduction in spending over the
next ten years. There's no way in god freynurs would
balance about it. So if we don't, if we don't
(08:51):
get you know, start getting our spending under control, will
never I mean we're almost thirty seven trading dollars. Of that,
we're spending two dollars more than we take in right
now approximately, So number the reduction spending is going to
have to be way bigger than one point five percent,
or we're never going to get in placed at one
point one point five training, or we're never going to
(09:13):
get spending under control. Guess what, How how did the
Democrats raise spending by almost two training dollars a year
and we can't figure out any savings. I mean, look
at look at what Elon Musk has shown. There's so
much waste. This waste stuff you would never ever spend
if it was your own money, and it.
Speaker 3 (09:32):
Is your money, especially like the federal government employees who
are on unemployment benefits while they're working for the federal government.
You got to like what they're doing in their day
job too. Now, well, point while take in, Senator, thank
you for checking in with us and the update, and
we'll look forward to progress.
Speaker 4 (09:51):
Right a good day, All right?
Speaker 2 (09:52):
Take care sounds good, Senator Rick Scott
The Brian Musho Podcast is driven by Brayman Motor Cars.
My family is a Brayman Motor Cars family. Your family
should be to visit Braymanmotorcars dot com.
Speaker 2 (00:13):
In fact, integrity and trust. This is the Brian Mudshow.
Speaker 3 (00:19):
It is and we are joined by Senator Rick Scott. Yesterday,
of course, the Federal Reserve decided to leave interest rates unchange,
which was expected. But President Trump hasn't been happy for
quite some time, saying that the Federal Reserve is way
behind the curve. And somebody who agrees that we need
some additional accountability with the Federal Reserve is Senator Scott.
Speaker 2 (00:43):
Good morning, Good.
Speaker 4 (00:45):
Morning, Brian. J. Pow has been a massive failure to
think about what he's done. He built up a balance
sheet that so today the assets of the set of
reserve are worth one trillion dollars left. The Federalserve always
made money under J. Powell. It loses about one hundred
billion dollars a year. So they were a profit center
(01:08):
for the USA Treasury. Now they cost US one hundred
billion dollars a year. Here we have the bank failures,
the Federal Reserve. No one, it's the reserve is responsible
for that. Oh oh, they're supposed to do the oversight.
Nobody they have. They have had allegations of desire trading.
They have board members that don't disclose their trade. Don't worry.
(01:30):
We got an independent Oh no, it's not an inspector general.
It's independent like all other federal agencies. It's an inspector
Drierllal that reports to J. Powell. And I wonder why
no one's ever been held accountable there. That's your Federal Reserve.
So I've got a bunch of bills to try to
fix this. I'm working with Senator Elizabeth Warren to get
a truly independent in spector General that's sent a confirmed
(01:52):
so we can actually have some accountability. So this is
and you know just how cannot explain the balance sheet sousing.
He costs so many people to lose money when except
digitate throwing and raised him quickly.
Speaker 3 (02:09):
And so as the Senator is talking about and you
you did hear that correctly. Senator Scott is working with
Senator Warren, Elizabeth Warren on this also the Rain and
the Federal Reserve Act with Senator Cynthia Loomis as well.
This is a bipartisan effort that you are advancing here
for greater accountability, and you know, the Senator, you talk
(02:31):
about the independent oversight that's necessary here. Even just in
terms of the day job, it doesn't seem like they've
been doing an especially good job. I mean, look, you
go back to you go back to twenty twenty one,
and they were telling us, oh, inflation is just oh
inory and now you know the nonsense.
Speaker 2 (02:50):
So tell us your your thoughts about all that.
Speaker 4 (02:52):
Well, yeah, remember the you know, transitory place that was
like a couple of months or so. No, it continues
a few years on top of that. Do what he's doing.
He's spending two and a half billion dollars bill he
wants a new office, two and a half billion for
a new office. Who and who in the country is
(03:14):
spending two and a half billion dollars for a new office?
Speaker 2 (03:18):
How would you do that?
Speaker 4 (03:19):
That's what it dependent says for you. You can do
whatever you want, spend that money, like to go down south,
because guess what, we don't have any control over what
they're doing. If they're completely independent, and he's complete he's
I mean, you just can't make this up. A trillion
dollar loser. I don't know anybody in my lifetime they
lost a trillion dollars. But Jake, how just in the
(03:40):
last four years.
Speaker 3 (03:42):
You know, there are so many questions about motivations here
with the Vetereral Reserve, and you do have to wonder
at a certain point. You know, obviously we're talking about
with inflation and how they blew it the last time,
where they said it was transitory and they let it
get out of control.
Speaker 2 (03:57):
Along with Biden's policies, you have the last time.
Speaker 3 (04:01):
The inflation rate was where it is today, two point
four percent. They were there, They had the Fed funds
rate at zero to a quarter of one percent. Today
we're at four and a quarter to four and a half. Okay,
so they were behind the curve back then.
Speaker 2 (04:17):
But which is it?
Speaker 3 (04:17):
I mean, how is it that you have the same
inflation rate and you're charging over four percent more interest
at that same rate.
Speaker 4 (04:25):
It's different. Oh, we had a Democrat president, so you've
got to help them, and you got to hurt the
Republican president. That's all this is. J Powell is a
complete partisan chairman of the Reserve, and he did everything
could to, you know, take care of the economy. So
Biden R. Harris would win. This time, it didn't work
(04:47):
because people saw food so and he went defended you know,
Biden policy, but his tax tariffs. But they defended all
of the suddening by Biden. But tariffs. Man that all
the world's going to end, you know, you know, helping
Americans good jobs. Oh, I thought that was part of
(05:08):
what the Further Reserve was actually supposed to do, is
make sure Americans good jobs. What he does see trashes
Trump's tariffs, which is trying to get more American jobs,
uh and making countries allow us to sell our products
and services into their country and help Americans get more jobs.
Speaker 3 (05:24):
So his editor, obviously you're you're looking to change the
way that the FED it goes about its business where
you have true oversight in the mix.
Speaker 2 (05:32):
In the meantime, you know.
Speaker 3 (05:34):
There are the constitutional questions about the removal Pal.
Speaker 2 (05:37):
Trump has walked back.
Speaker 3 (05:38):
You know, the the thoughts that maybe he would try
to fire him.
Speaker 2 (05:42):
Do you think that Trump should try to fire Pal?
Speaker 4 (05:46):
I would I think I think Pops to resign. I
think he's been a disaster. The artist. The art acknowledge that,
you know, he's been a partison packed. He's a failure.
No one's lost on you like this, and let's get
somebody in there. It's going to right size the balance sheet,
is going to you know, really look where interest rates
ought to be. Is going to hold start holding people accountable.
(06:08):
So I think he's a failure. He's going to go
down as one of the biggest you know, shairmen of
the the biggest fire failure, probably anythe or a third chairman.
So if I was him, I've designed right now. I
don't know what the rules are as far as our lawyers,
as far as Trump's ability as a firing, but he
shouldn't have to th guy should quit.
Speaker 2 (06:25):
Senator.
Speaker 3 (06:26):
Speaking of legislative matters BBB, where we stand in the
Senate on the BBB.
Speaker 4 (06:33):
Well, uh, we're having a lot of conversations with basally
what we're talking about all day long. I think we're
all in the position that we want to get something done.
We want to extend that Trump tax cuts, we want
to get placed under control, we want to get the
balance sheet down, we want to secure the border. So
it's just you know, trying to negotiate something you've got
(06:55):
to get two in eighteen people vote for it in
the House and fifty on people vote for the Senate,
So you're just trying to negotiat you and done. I'm optimistic,
it's going to take a while. We you know, here's it.
We've had a two percent increase in population five years
and a fifty three percent increase in spending, and so
there's a lot there. People say, well, we can't stop spending. Well,
(07:15):
we don't stop spending inflace, you will never get under control.
We're never getting intertrates down. It's it's pretty basic. Complation
is tied to you know, you know, government spending more
than it takes. Then we're you know, we're devaluing the dollar.
So we've we've got to get this done. It's hard,
you know, people, you know, legislators generally don't want to
(07:36):
cut spending. I balance a budget every year I was governor.
It's not that hard. You do it. You say, what
my revenue is going to be, Guess what my expense
are going to be? Less than that? How hard is that?
We know we're going to collect probably about five and
a half trillion dollars this year right now, our run
rates over seven trillion. We got to, you know, we've
got to get this under control. Are you this this
(07:56):
inflation is going to continue to stick around? Well, now
we get low interest rates again.
Speaker 3 (08:03):
We are hearing from House Speaker Mike Johnson that, hey,
we could be a matter of days away from the
House bringing this to far vote. Seven of the eleven
subcommittees that have completed their process at this point. Last
I heard something substantive out of the Senate. It was
from Lindsey Graham late last week where he said, hey,
we're we're committed to finding one and a half to
two trillion in savings.
Speaker 2 (08:23):
That is the House number.
Speaker 3 (08:25):
Is that where the conversation is right now that we're
talking about, you know, kind of operating on that one
and a half trillion plus savings.
Speaker 4 (08:30):
Mark, Okay, let me give you some numbers. If we
only do one and a half trillion right now, think
about this. We've had a fifty three percent increase in
spending in five years. If we do it one half trillion,
that's less than two percent reduction in spending over the
next ten years. There's no way in god freynurs would
balance about it. So if we don't, if we don't
(08:51):
get you know, start getting our spending under control, will
never I mean we're almost thirty seven trading dollars. Of that,
we're spending two dollars more than we take in right
now approximately, So number the reduction spending is going to
have to be way bigger than one point five percent,
or we're never going to get in placed at one
point one point five training, or we're never going to
(09:13):
get spending under control. Guess what, How how did the
Democrats raise spending by almost two training dollars a year
and we can't figure out any savings. I mean, look
at look at what Elon Musk has shown. There's so
much waste. This waste stuff you would never ever spend
if it was your own money, and it.
Speaker 3 (09:32):
Is your money, especially like the federal government employees who
are on unemployment benefits while they're working for the federal government.
You got to like what they're doing in their day
job too. Now, well, point while take in, Senator, thank
you for checking in with us and the update, and
we'll look forward to progress.
Speaker 4 (09:51):
Right a good day, All right?
Speaker 2 (09:52):
Take care sounds good, Senator Rick Scott
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