President Trump's ally Elon Musk, the billionaire founder of Tesla and SpaceX, has expressed support for the president-elect's controversial attempt to bring the Federal Reserve under White House control.
On Friday, Musk responded to Republican Sen. Mike Lee's (Utah) post about X with a “100” emoji.
“The executive branch should be under the direction of the president. That's how the Constitution was written. The Federal Reserve is one of many examples of how we have strayed from the Constitution in that regard. ,” Lee wrote. “Another reason we should do this is #EndTheFed”
President Trump has promised that interest rates will be lowered if he wins a second term in the White House and has argued that the president should have a say in bank decisions.
“I don't think I should be allowed to dictate, but I do think I have the right to comment on whether interest rates should go up or go down,” Trump told Bloomberg on October 15.
In an August press conference, President Trump doubled down.
“In my case, I've made a lot of money, I've been very successful, and I think in many cases I have better instincts than the people who become the Federal Reserve Board and the people who become its chairman,” he said.
Mr. Trump appointed Mr. Powell in 2017, but he repeatedly criticized the chairman and the central bank for not loosening monetary policy fast enough during his administration.
President Trump said he has the “right” to fire Federal Reserve Chairman Jerome Powell, whose term ends in 2026.
Asked by reporters Thursday if he would resign if President Trump asked him to do so, Powell said “no.”
“The law doesn't allow it,” Powell said at a press conference after the Fed cut interest rates by a quarter of a percentage point, two days after former President Donald Trump defeated Vice President Kamala Harris.
Musk is the world's richest man with a net worth of $304 billion, according to Forbes magazine, and played a central role in the Trump campaign.
The tech founder has donated more than $100 million to pro-Trump PACs rallying on Trump's behalf and encouraging Americans to vote early with a $1 million a day giveaway.
He was also photographed waiting for the election results with President Trump at the president-elect's Mar-a-Lago residence.
After Trump's victory, Musk's net worth soared to more than $300 billion, largely due to Tesla's market capitalization exceeding $1 trillion.
