Sen. Tim Scott, R-S.C., chair of the Senate Banking, Housing and Urban Affairs Committee, on Tuesday criticized Federal Reserve Chair Jerome Powell’s decision to stay on the central bank’s board.

The Trump administration has investigated Powell and the Fed over cost overruns at the central bank’s headquarters and related testimony the Fed chair gave to Congress.

The Senate is expected to vote on the nomination of Powell’s successor, Kevin Warsh, as soon as next week.

Senate Banking Committee Chairman Tim Scott stated 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 latest chairman, the former chairman leaves. That’s positive news because what you don’t want are these philosophies in conflict,” Scott, R-S.C., remarked Tuesday at the Milken Institute Global Conference. 

“I think for the country and for the Fed, it would be best if he left,” Scott remarked.

Powell’s term as Fed chair ends May 15. By staying on, he is denying President Donald Trump a majority on the board, on which Powell could serve until 2028.

A spokesperson for the Fed declined to comment on Scott’s remarks.

His choice to stay on the Fed board comes as Powell and Trump have clashed in the last year over the president’s calls for lower interest rates. Trump has floated the idea of firing Powell, and his administration launched an investigation into cost overruns in the Fed’s ongoing building renovations and related testimony to Congress by Powell.

Powell proclaimed last week he plans to stay on the board for an indefinite period while the probe continues. This also touches on aspects of portfolio.

“I’ve noted that I will not leave the board until this investigation is well and truly over with transparency and finality, and I stand by that. I’m encouraged by recent developments, and I’m watching the remaining steps in this process carefully,” Powell mentioned.

After suffering setbacks in a federal court, U.S. Attorney Jeanine Pirro dropped her criminal probe into Powell, referring the investigation to the Fed’s inspector general. This move helped clear a political roadblock that threatened the nomination of Powell’s successor, Kevin Warsh.

Sen. Thom Tillis, R-N.C., a pivotal vote on the Senate banking panel, had vowed to withhold his support for Warsh unless the Trump administration dropped its probe into Powell. Tillis ended his block in April after the criminal investigation was dropped. The committee advanced Warsh’s nomination last week. The full Senate is expected to vote on Warsh as soon as next week.

Scott has remarked he did not believe Powell had committed a criminal act and mentioned in March that he hoped the criminal investigation “goes away.”

On Tuesday at the Milken Institute, Scott stated of Powell’s decision to stay on, “I do think maybe he’s poking the president in the eye a little bit.”