Senator Rand Paul, R-Ky. discusses the importance of reducing federal budgets in “making money.”
Federal Reserve Chairman Jerome Powell updated his pushback to Elon Musk's claim that the Fed is overabundance at Tuesday's Congressional hearing.
Powell testified before the Senate Banking Committee on the six-annual update on monetary policy and the economy, and was asked by Senator Andy Kim by DN.J. I did.
“No, I think you know, maybe it's not overly understaffed.
Musk recently said the Federal Reserve is “overcovered by absurdity,” suggesting that government efficiency (DOGE) could aim for the Fed's audit. He previously criticized the Fed's monetary policy decisions.
Elon Musk warns that the Federal Reserve could face a Doge audit
Federal Reserve Chairman Jerome Powell said the Fed's workforce is “overworked” rather than “overworked.” (Getty Images/Seth Herald via Getty Images/Bloomberg)
Powell previously said the Fed will go through a careful budgeting process to determine its staffing level. At Tuesday's hearing, he also discussed the role the Federal Reserve workforce plays in the early stages of the community's pandemic and how it relied on the knowledge of its longtime employees.
“The US Treasury has stopped functioning as the pandemic hits from the blue and economies around the world are shut down. The Federal Reserve, which experienced a global financial crisis 10 years ago, said, “We've done this.” I moved forward to say, “I got it,” Powell explained.
“We know what to do. Here we do with money market funds. Here we do with companies that can't get funds. The market is closed, The company had mature debts that had to fall.”
Powell pushes back Musk's claim.
Tesla and SpaceX CEO Elon Musk lead Doge and criticize the Fed. (Saul Loeb/Pool/AFP Getty Images/Getty Images)
“People who knew what to do in that pretty bad emergency were working in the Federal Reserve and elsewhere, and that was impressive,” he added. “Really, our work in the acute stage of the crisis has been very successful. It's entirely due to the knowledge base we're with people in Fed careers.”
Click here to get your Fox business on the go
After testifying before the Senate Banking Committee on Tuesday, Powell is scheduled to appear before the House Financial Services Committee on Wednesday, and will house lawmakers with a six-month update on monetary policy and the economy. is.
