Chairman of the U.S. Senate Banking Committee sharply criticizes Powell: Remaining on the Board is a "major mistake"

Golden Finance reports that on May 6th, Federal Reserve Chair Jerome Powell’s decision to remain on the board after his term ends on May 15th has sparked fierce criticism from Senate Banking Committee Chairman Sherrod Brown. This move, which breaks a 75-year-old tradition, not only intensifies conflicts between the Federal Reserve and the Trump administration but also reshapes the central bank’s power structure, injecting uncertainty into the outlook for monetary policy.
Brown openly stated at the Milken Institute Global Conference that Powell’s action is a “major mistake,” violating the 75-year-old tradition of “new chair takes office, old chair departs,” and is likely to trigger policy conflicts, which are unhelpful to both the country and the Fed. He even directly said that Powell’s approach is “a bit provocative toward the president.” A Federal Reserve spokesperson declined to comment.