Sen. Rand Paul (R-KY) told Breitbart News in a statement Monday that Jerome Powell’s renomination to serve a second term as the Federal Reserve chairman will do nothing to curb “America’s inflationary spiral.”

President Joe Biden tapped Jerome Powell to serve a second term as the head of the nation’s central bank.

The decision to renominate Powell follows the nation continuing to grapple with soaring inflation. The Federal Reserve chair has escaped blame for the rising inflation, although the Federal Reserve’s monetary policy plays a significant role in managing the nation’s money supply and current inflationary environment.

Biden said in a statement:

If we want to continue to build on the economic success of this year, we need stability and independence at the Federal Reserve — and I have full confidence after their trial by fire over the last 20 months that Chair Powell and Dr. Brainard will provide the strong leadership our country needs.

Paul, who was one of the 13 senators to oppose Powell’s confirmation, told Breitbart News that the Federal Reserve chairman will not curb inflation.

“In an era of unprecedented debt accumulation, the Fed will, without a doubt, accommodate the big government spenders,” Paul explained to Breitbart News. “I see nothing to indicate Jerome Powell will do anything to prevent the inflationary spiral that has already begun.”

Paul explained in an interview that the Federal Reserve plays a key part in monetizing America’s debt, which then leads to inflation.

“[The federal government] gets debt, then the Federal Reserve prints up new money to pay for the debt, that new money enters circulation, and that expansion of the money supply [leads to] inflation,” Paul said.

He continued, saying that the Federal Reserve as well as Congress play a large role in the creation of inflation.

“There’s joint blame: Congress is initially to blame for spending money it doesn’t have and then the Federal Reserve says, oh, it’s just our job to paper over this. It’s our job to buy up that debt and as they do, they create the increased money supply. So really both Congress and the Fed are to blame and they go hand in hand,” Paul said.

Paul recently told Axios that cryptocurrencies, such as Bitcoin, could become the world’s reserve currency as people lose faith in government:

Sean Moran is a congressional reporter for Breitbart News. Follow him on Twitter @SeanMoran3.