Elon Musk Calls for Greater Scrutiny of Federal Reserve
Billionaire entrepreneur Elon Musk has advocated for increased oversight of the Federal Reserve in recent social media posts. Musk's comments come ahead of Fed Chair Jerome Powell's scheduled testimony before congressional committees.
Musk's Statements
* "All aspects of the government must be fully transparent and accountable to the people. No exceptions, including, if not especially, the Federal Reserve."
* "This will be great." (In response to a suggestion to appoint former Congressman Ron Paul to audit the Fed.)
* "That would be amazing." (In response to a post supporting Ron Paul as Fed Chair.)
Powell's Upcoming Testimony
Powell is set to face questions from lawmakers on monetary policy, tariffs, bank capital requirements, and the de-banking of certain customers. Democrats are expected to emphasize the Fed's independence from the executive branch.
Musk's Previous Criticism
Musk has previously criticized the Fed, calling it "absurdly overstaffed" in December. Powell defended the Fed's budget process and independence in response.
DOGE's Impact on Government
Since assuming the presidency, Musk and his Department of Government Efficiency (DOGE) have caused disruptions within government agencies. They have accessed sensitive technologies and prompted workers to voluntarily resign.
Treasury Secretary's Assurances
Treasury Secretary Scott Bessent has stated that Musk's access to Treasury payment systems is restricted and that President Trump is not pressuring the Fed to lower interest rates.
Fed's Patient Approach
Powell has indicated that the Fed will take a cautious approach in assessing inflation and the policies of the new administration. Other Fed members have echoed his wait-and-see stance.