Senator criticizes Fed Chair Powell for staying on board, breaking precedent and blocking Trump's influence.

Senator Tim Scott criticized Federal Reserve Chair Jerome Powell for deciding to remain on the Fed's Board of Governors after his term as chair ends, breaking a 75-year precedent where former chairs leave the board. Powell's continued presence blocks President Trump from gaining a majority on the board, as Powell's term as chair ends May 15 but he could serve on the board until 2028. This decision comes amid tensions between Powell and Trump, including an investigation into Fed cost overruns and Powell's congressional testimony. The Senate is expected to vote soon on Powell's successor, Kevin Warsh, after the investigation was dropped by federal prosecutors, clearing a political hurdle for Warsh's nomination.