U.S. Treasury Secretary Scott Bassent stated that Federal Reserve Chair Jerome Powell's decision to remain on the central bank's Board of Governors after stepping down as chair is "inconsistent with historical norms."
Bassent mentioned during an interview with Fox Business that there has only been one precedent for such a practice.
Note: Powell has indicated he will not leave the Fed until the investigation is concluded and will serve as "interim chair" prior to Wash's confirmation.
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