Elon Musk supported the idea of subordinating the Federal Reserve System to the President of the United States, reacting with a "100" emoji to Senator Mike Lee's post #EndtheFed on November 10, 2024 ✅

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Tesla and SpaceX CEO Elon Musk, a supporter of President Donald Trump, expressed approval of the idea of presidential intervention in the Federal Reserve System (FRS) policy. In response to a post by Senator Mike Lee, who proposed subordinating the FRS to the president, Musk posted a "100" emoji on Friday, signaling his agreement.

This statement by Musk reflects the growing pressure on the independence of the FRS, which may intensify under a potential Trump administration.

FRS Chairman Jerome Powell stated that he would not resign if Trump asked him to, which could lead to further controversy between the president and the head of the Federal Reserve.

Traditionally, the independence of the FRS allows the central bank to make decisions on monetary policy based solely on the state of the U.S. economy. However, Trump, while serving as president, has frequently expressed dissatisfaction with Powell's actions and policies.

This material was prepared by Khachatur Davtyan, developed and translated by artificial intelligence.

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