Tim Scott Says Powell Making a Mistake Staying at Fed

Senate Banking Committee Chairman Tim Scott (R-SC) said Federal Reserve Chair Jerome Powell is making a “significant mistake” by staying on the Federal Reserve’s Board of Governors after his term atop the central bank ends, CNBC reports.

Said Scott: “He’s breaking 75 years of precedent. Every time you get a new chairman, the former chairman leaves. That’s good news because what you don’t want are these philosophies in conflict.”

He added: “I think for the country and for the Fed, it would be best if he left.”