Committee Chairman Sen. Tim Scott (R-SC) delivers an opening statement during the Senate Committee on Banking, Housing, and Urban Affairs confirmation hearing for Kevin Warsh, U.S. President Donald Trump's nominee for Chair of the Federal Reserve, in the Dirksen Senate Office Building on April 21, 2026 in Washington, DC. Andrew Harnik | Getty Images Senate Banking Committee Chairman Tim Scott 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. "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," Scott, R-S.C., said Tuesday at the Milken Institute Global Conference.  "I think for the country and for the Fed, it would be best if he left," Scott said.…