Elon Musk backs call to end the Fed after Jerome Powell says he won’t resign early

Tesla CEO Elon Musk expressed support for increasing presidential control over the Federal Reserve, which could undermine its independence.

Musk retweeted a post from Sen. Mike Lee suggesting the Executive Branch should oversee the Fed, citing it as a constitutional issue.

Economists warn that Fed independence is crucial for credible monetary policy.

Fed Chairman Jerome Powell, when asked if he would resign if President-elect Trump demanded it, said he would not, as the law prohibits firing or demoting Fed officials, Fortune has reported.

read more: https://fortune.com/2024/11/10/elon-musk-end-the-fed-independence-donald-trump-jerome-powell-resign-early/

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