CAPTION CORRECTION: Please note that in image number(s) 2198916313, 2198916128 Tim Scott's title is incorrect. It should be Senate Banking Committee Chairman Sen. Tim Scott (R-SC) NOT Senate Finance Committee Chairman. We apologize for any inconvenience. WASHINGTON, DC - FEBRUARY 11: Senate Banking Committee Chairman Sen. Tim Scott (R-SC) arrives to a hearing with Federal Reserve Chair Jerome Powell in the Hart Senate Office Building on Capitol Hill on February 11, 2025 in Washington, DC. Powell reported to lawmakers about the Fed's continuing efforts to tame inflation and how and when to ease borrowing costs in the face of new tariffs, possible tax cuts and other institutional moves by the administration of President Donald Trump. (Photo by Chip Somodevilla/Getty Images)