Musk teams up with Trump, with reform goals aimed directly at the Federal Reserve. Musk will take on a new task in January next year…
Musk teams up with Trump, with reform goals aimed directly at the Federal Reserve. #MuskTeamsUpWithTrumpReformingTheFed# Musk will take on a new task in January next year, aimed at improving the efficiency of the U.S. government, with one of his primary focuses being the Federal Reserve. Musk stated on social media platform X on December 22 that the Federal Reserve is “ridiculously overstaffed.” Trump, who is set to return to the White House, also views the Federal Reserve as a target for reform and advocates for greater presidential influence over monetary policy and interest rate setting. As one of Trump's close advisors, Musk will co-lead a newly established “Department of Government Efficiency” with another entrepreneur, Vivek Ramaswamy, planning to streamline government operations by cutting $2 trillion in spending. Currently, the Federal Reserve has about 24,000 employees, which seems streamlined compared to the European Central Bank and its member state central banks. However, the Federal Reserve has long been at the center of public opinion, especially with its chairman Powell frequently becoming a target of Trump's criticism. Trump even mocked Powell's job as “so easy that it only requires flipping a coin once a month.” Musk's inclusion of the Federal Reserve in the reform agenda undoubtedly adds fuel to the discussion surrounding central bank efficiency and policies.