Billionaire Elon Musk on Sunday signaled that the Federal Reserve could face scrutiny as Musk’s Department of Government Efficiency (DOGE) continues to audit federal agencies and spending.
Musk wrote on X in response to a user’s post about the billionaire’s support for an audit of the Fed that the central bank isn’t above scrutiny from DOGE.
“All aspects of the government must be fully transparent and accountable to the people. No exceptions, including, if not especially, the Federal Reserve,” Musk wrote.
Musk is a longtime critic of the central bank and has called out its decisions on monetary policy as well as claiming the Fed’s workforce is bloated.
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In May 2024, Musk posted that the “Fed has a crazy high number of employees.”
The billionaire CEO of Tesla and SpaceX also said last summer the Fed was too slow in cutting interest rates, writing on X in August that the Fed “needs to drop rates” and has been “foolish not to have done so already.”
The Fed would go on to cut rates in September in line with the market’s expectations, which it followed with further cuts in November and December.
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Fed Chair Jerome Powell was asked about Musk’s recent claim that the central bank’s workforce is “absurdly overstaffed” at a press conference last month following the central bank’s decision to leave rates steady at the current range of 4.25% to 4.5%.
“We run a very careful budget process where we’re fully aware. We owe that to the public, and we believe we do that. I’ve got no further comment on that, thanks,” Powell responded to FOX Business’ Edward Lawrence.
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