Elon Musk’s recent endorsement of Senator Mike Lee’s call to abolish the Federal Reserve has sparked new discussions on the independence and role of the U.S. central bank. Musk, known for his influence and strong ties to the tech industry, highlighted the message with the “100” emoji on X (formerly Twitter), signaling his support. Senator Lee argued that the Fed’s independent control over monetary policy deviates from the original intent of the Constitution, suggesting it would be better aligned under presidential authority.
This debate takes on more weight as Jerome Powell, the current Fed Chair, stated he would not step down even if asked by former President Donald Trump, should Trump win re-election. The Trump transition team emphasized that any official stance on such policy would come directly from Trump, hinting that discussions on central bank reform could become a potential focal point. If Musk continues to weigh in on these types of policy areas, his influence could intensify discourse on the Fed’s future role and autonomy.
