Senate Banking Committee Chair Tim Scott (R-S.C.) said on Tuesday it would be a “significant mistake” for Federal Reserve Chair Jay Powell to stay at the organization as a governor after the confirmation of Kevin Warsh to be the Fed’s next chair.
Speaking at a Milken Institute conference in California, Scott said Powell was “breaking 75 years of precedent.”
“Every time you get a new chairman, the former chairman leaves,” Scott said. “That’s good news, because what you don’t want are these philosophies and conflict. And I think Jay Powell is making a significant mistake.”
