Musk fires shots
Elon Musk, the billionaire who plans to improve the efficiency of the US government in January next year, has pointed the finger at the Federal Reserve, according to Reference News, citing Bloomberg.
Musk posted on the social platform X that the Federal Reserve, as the central bank protecting the world's largest economy, is "seriously overstaffed."
The remarks stem from another person's post about the Fed's latest policy decision. Musk did not elaborate further.
Previously, the Federal Reserve became a target of Trump's attacks for the monetary policy it implemented. During the campaign, Trump claimed that he should have a greater say in monetary policy and interest rate setting, and Musk supported this.
In November this year, Musk publicly expressed his support for the idea of "presidential intervention in Fed policy" and expressed his approval with a "100" emoji in a social media post calling for the Fed to operate under the president's command.
As Trump prepares to return to the White House, Musk has become one of his closest advisers and will co-lead the newly established Government Efficiency Department with entrepreneur Vivek Ramaswamy.
The Department of Government Efficiency is expected to recommend significant cuts in the number of federal workers, reduce regulation, create a leaner, more efficient government, and plan to cut $2 trillion in spending. Trump said the department will operate outside the government to provide advice to federal officials.
Last year, the Federal Reserve and its 12 regional reserve banks employed a total of about 24,000 employees, which is not much compared to similar institutions. In the Eurosystem, which consists of the European Central Bank and 20 national central banks, the German, French and Italian central banks have more employees in total.
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