Tesla CEO Elon Musk (R) joins former U.S. President and Republican presidential candidate Donald Trump throughout a marketing campaign rally on the website of his first assassination try in Butler, Pennsylvania, on Oct. 5, 2024.
Jim Watson | Afp | Getty Photos
Tesla and SpaceX CEO Elon Musk, the billionaire backer of newly minted President-elect Donald Trump, endorsed the concept of permitting presidents to intervene on Federal Reserve coverage.
In response to a Thursday social media put up from Sen. Mike Lee, R-Utah, which referred to as for the Fed to be underneath the path of the president, Musk on Friday posted the “100” emoji used to convey settlement.
Sen. Lee had punctuated his put up with “#EndtheFed.”
Although temporary, Musk’s remark displays a broader stress marketing campaign on Fed independence that would take form within the subsequent Trump administration.
On Thursday, Fed Chair Jerome Powell stated he wouldn’t resign from his put up if Trump requested him to take action. That marked the revival of what may once more evolve right into a contentious relationship between the Fed chair and the president-elect.
The custom of Fed independence goals to provide the central financial institution the flexibility to form financial coverage choices — corresponding to elevating or reducing rates of interest — primarily based solely on the long run well being of the U.S. financial system.
However throughout his first time period in workplace, Trump was not shy about breaking from custom and publicly disparaging Powell and his coverage choices.
Over the course of the 2024 presidential marketing campaign, Trump additionally usually flirted with the concept of giving himself a say in Fed coverage if he had been to win the White Home once more.
“I really feel the president ought to have no less than [a] say in there,” Trump stated in August at a press convention at his Mar-a-Lago membership in Florida. “I feel that in my case, I made some huge cash, I used to be very profitable, and I feel I’ve a greater intuition than, in lots of circumstances, folks that may be on the Federal Reserve or the chairman.”
