Elon Musk appeared to support a proposal in X's post that conservative commentator Charlie Kirk's former MP Ron Paul (Texas) would replace Jerome Powell with the chairman of the Federal Reserve System.
“Amazing idea!” Reply with x In a statement from Kirk, Paul said, “it will create a great next chairman of the Federal Reserve.”
In response to Senator Mike Lee (R-Utah) xMusk wrote, “That would be great.” Lee I answered: “Ron pole in the fed chair!”
Paul, 89, is a longtime critic of the Fed. He ran three times as a libertarian and three times recently as a Republican in 2012. Paul is the father of Kentucky Senator Rand Paul (R).
Trump beat the central bank late last month, accusing Powell of not stopping inflation after the Fed stabilized interest rates. Trump has lifted Powell to his first team Fed chair.
Musk's Department of Government Efficiency (DOGE) has been tasked with overhauling the federal government, and recently, before a federal judge's decision banned special government employees and employees outside the department from accessing the system, the Ministry of Finance. gained access to the payment system.
The president in December said he would not fire Powell, whose term ends in 2026. Powell said in November he would not resign from his position if Trump asked him “not permitted under the law.” The President will fire or demote him or any other Fed governor in leadership positions.
During his tenure, Trump has repeatedly publicly criticised the Fed and its chairman for not cutting interest rates quickly enough.
Treasury Secretary Scott Becent also said in December that Powell could serve the remainder of his term as he heads the central bank.
