[Chairman of the U.S. Senate Banking Committee Criticizes Powell: Staying on the Board is a 'Major Mistake'] According to a report by Jinse Finance, on May 6, the decision for Federal Reserve Chairman Jerome Powell to remain on the board after his term ends on May 15 has sparked fierce criticism from Senate Banking Committee Chairman Scott. This move, which breaks a 75-year historical precedent, not only intensifies conflicts between the Federal Reserve and the Trump administration but also reshapes the power structure of the central bank, injecting uncertainty into the outlook for monetary policy. Speaking at the Milken Institute Global Conference, Scott bluntly stated that Powell's decision is a 'major mistake,' violating the 75-year tradition of 'new chair takes office, old chair steps down.' He argued that this could easily lead to conflicts in policy philosophy and would be detrimental to both the nation and the Federal Reserve. He even went so far as to say that Powell's actions are 'somewhat provocative toward the president.' A Federal Reserve spokesperson declined to comment on the matter.