Tesla CEO Elon Musk (R) joins former U.S. President and Republican presidential candidate Donald Trump throughout a marketing campaign rally on the web site 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 thought 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 transient, Musk’s remark displays a broader strain marketing campaign on Fed independence that would take form within the subsequent Trump administration.
On Thursday, Fed Chair Jerome Powell mentioned he wouldn’t resign from his put up if Trump requested him to take action. That marked the revival of what might 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 power to form financial coverage selections — comparable to elevating or decreasing 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 selections.
Over the course of the 2024 presidential marketing campaign, Trump additionally usually flirted with the thought of giving himself a say in Fed coverage if he have been to win the White Home once more.
“I really feel the president ought to have not less than [a] say in there,” Trump mentioned in August at a press convention at his Mar-a-Lago membership in Florida. “I believe that in my case, I made some huge cash, I used to be very profitable, and I believe I’ve a greater intuition than, in lots of circumstances, folks that might be on the Federal Reserve or the chairman.”
