Billionaire Elon Musk Calls for Scrutiny of Federal Reserve

In a series of social media posts over the weekend, tech mogul Elon Musk advocated for increased transparency and accountability at the Federal Reserve (Fed). This comes ahead of Fed Chair Jerome Powell's upcoming testimony before Congress, where he is expected to face questions about monetary policy and the independence of the central bank.

Musk's Concerns

Musk expressed concerns about the lack of transparency in the Fed's decision-making process and its accountability to the public. He argued that all aspects of government, including the Fed, should be subject to scrutiny and disclosure.

Musk also endorsed the idea of appointing former Congressman Ron Paul to lead an audit of the Fed. Paul has long been an advocate for auditing the central bank.

Powell's Upcoming Testimony

Powell is expected to face a range of questions during his testimony before the Senate and House committees this week. These questions are likely to cover various topics, including monetary policy, inflation, bank capital requirements, and the Fed's independence from political interference.

Democratic Scrutiny

Democrats are anticipated to question Powell about the Fed's independence from the executive branch, which President Trump has repeatedly criticized. They may also push for the central bank to take a more aggressive approach to combating inflation.

Recent Events

Musk's call for Fed scrutiny follows his recent criticism of the central bank's staffing and budget. He has also repeatedly defended the Fed's independence in recent months.

In addition, Musk and his Department of Government Efficiency (DOGE) team have gained access to technologies within several government departments, including the CFPB and the Treasury Department. This has led to disruptions and concerns about data security.

Treasury Secretary's Assurances

Treasury Secretary Steven Mnuchin has stated that he and Musk are aligned on limiting the DOGE team's access to sensitive Treasury systems. He also emphasized that President Trump is not pressuring the Fed to lower interest rates.