Trump ally Elon Musk – the billionaire founder of Tesla and SpaceX – signaled his support for the president-elect’s controversial bid to keep the Federal Reserve under control of the White House.
On Friday, Musk responded to a post on Republican Senator Mike Lee of Utah’s X with a “100” emoji.
“The executive branch should be under the direction of the President. This is how the Constitution was composed. The Federal Reserve is one of many examples of how we have deviated from the Constitution in this regard, Lee wrote. “Another reason why we should do this #EndTheFed,
Trump has promised to lower interest rates if he wins a second term in the White House and argued that the president should have a say in the bank’s decisions.
“I don’t think I should be allowed to order it, but I think I have the right to comment on whether interest rates should go up or down,” Trump told Bloomberg on October 15.
During a press conference in August, Trump doubled down on his words.
He said, “I think in my case, I made a lot of money, I was very successful, and I think I have better instincts in many respects than people at the Federal Reserve or in the chairmanship.”
Although Trump appointed Powell in 2017, he has repeatedly criticized the chairman and the central bank for not easing monetary policies quickly enough during his administration.
Trump has said he has the “authority to fire” Fed Chair Jerome Powell, whose term expires in 2026.
When asked by reporters whether he would step down if Trump asked him to resign. Powell said Thursday: “No.”
“It’s not allowed under the law,” Powell said after a news conference. Fed cuts interest rates by a quarter point Two days after former President Donald Trump’s victory over Vice President Kamala Harris.
Musk – the richest person in the world $304 billion net worthAccording to Forbes – played a central role in Trump’s campaign.
The tech founder donated more than $100 million to pro-Trump PACs, rallied on Trump’s behalf and inspired Americans to vote early with a $1 million daily sweepstakes.
She was even photographed awaiting the election results with Trump at the president-elect’s Mar-a-Lago residence.
Musk’s net worth after Trump’s victory crossed the $300 billion markmostly due to Tesla’s market capitalization crosses $1 trillion,
