According to Elon Musk, the chairman of the Fed should be replaced – Powell is not leaving

Tesla CEO Elon Musk supports the idea of ​​giving US presidents more control over the Federal Reserve (Fed).

Musk re-shared Republican Sen. Mike Lee’s post on social media platform X with a “100” emoji. The politician in your X entry said:

“The executive branch must be under the control of the president. This is how the constitution was designed. The Federal Reserve is one of many examples of how we have deviated from the Constitution in this regard. Another reason to #EndTheFed”

Jerome Powell previously statedthat he would not resign even if Trump asked him to. The head of the Fed emphasized that the president does not have the power to remove the head of the Fed.

After the Fed’s latest rate cut, Powell noted that a further cut in December is likely, although inflation and economic growth trends may even cross their minds.

Trump appointed Powell to chair the Fed in 2018, but they later clashed as the Fed chief rejected the president’s demands for looser monetary policy. At the beginning of the year, Trump stated that the president should be given the opportunity to at least express his opinion on interest rates.

However, Trump is calling for monetary policy to be eased, while He asked Musk to lead a government efficiency project. It is estimated that this could result in up to $2 trillion in federal spending cuts.

Musk said the “unconstitutional and unelected federal bureaucracy” has too much power and called for changes. The tech mogul was a major supporter of Trump’s campaign and participated in several diplomatic talks.

Such was the discussion between Trump, Ukrainian President Volodymyr Zelensky and Turkish President Recep Tayyip Erdoğan. Musk reiterated his commitment to support Ukraine, particularly through SpaceX’s Starlink satellite services.