Musk Endorses Who For Fed Chair?
Elon Musk recently expressed his support for a bold suggestion from conservative commentator Charlie Kirk, endorsing former Rep. Ron Paul (Texas) as a potential replacement for Jerome Powell as chairman of the Federal Reserve. In a post on X (formerly Twitter), Musk praised Kirk’s idea, stating, “Great idea!” He went further in a reply to Sen. Mike Lee (R-Utah), who also voiced his support for Paul’s candidacy, calling it “amazing.” Lee enthusiastically echoed the call for Ron Paul as Fed Chairman, leading to a wave of discussion among conservatives about the future direction of the nation’s monetary policy.
Ron Paul, now 89, has been a staunch critic of the Federal Reserve throughout his career. The former Congressman ran for president three times, including as a Libertarian and a Republican candidate in 2012. Known for his unwavering stance on monetary policy, Paul has been a vocal advocate for auditing the Fed and limiting its power. He is also the father of Sen. Rand Paul (R-Ky.), a prominent voice in Congress.
Musk’s support for this idea comes at a time when former President Donald Trump has ramped up his criticisms of the Federal Reserve and Powell’s leadership. Trump recently slammed the Fed, accusing it of failing to rein in inflation while keeping interest rates too high. Trump initially appointed Powell as Fed Chairman during his presidency, but now believes the central bank has mismanaged the economy.
While President Biden has indicated that he doesn’t plan to remove Powell, whose term runs until 2026, there’s growing discontent among conservative circles. Trump has publicly stated that Powell and the Fed have not been aggressive enough in lowering interest rates, which has led to widespread dissatisfaction among conservative fiscal conservatives.
Musk’s involvement and support for an overhaul of the government through his Department of Government Efficiency (DOGE) further highlight the growing movement for reforming federal agencies, including the Federal Reserve. This development signals a potential shift in how conservatives view the future of the nation’s economic policies and whether leadership changes at the Fed could help usher in a new era of fiscal discipline.
