Elon Musk Supports Call to “#EndTheFed” After Jerome Powell Refuses to Resign

Elon Musk, CEO of Tesla, has voiced support for a controversial proposal to grant more power to the executive branch over the Federal Reserve, potentially threatening the central bank’s independence, Fortune reports.

Musk’s endorsement came late Thursday on his social media platform, X, where he shared a post from Senator Mike Lee, a Republican from Utah, advocating for the Federal Reserve’s control to be shifted under the direction of the president.

Lee’s post featured a screenshot of a news story about Federal Reserve Chairman Jerome Powell’s recent comments, where he stated that he would not resign if asked by President-elect Donald Trump. The post also included the hashtag “#EndTheFed,” a call for reform that would diminish the Fed’s autonomy. Musk added his support to the post by responding with a “100” emoji, which is commonly used to signal agreement or approval.

The proposal to end the Federal Reserve’s independence aligns with a broader political movement questioning the power of unelected bureaucracies. However, economists have long argued that the Fed’s independence is crucial for maintaining effective and unbiased monetary policy, especially in combating inflation without political interference. A loss of that independence could undermine the credibility of the Fed’s efforts in stabilizing the economy.

Powell’s refusal to resign came during a press briefing on Thursday, after the Federal Reserve announced a rate cut. When asked if he would step down if President Trump demanded it, Powell simply replied, “No.” He also emphasized that under current US law, a president cannot fire or demote a sitting Fed chair. This stance was notably in contrast to Trump’s previous criticisms of Powell during his first term, when the former president clashed with the Fed chair over the central bank’s interest rate policies.

Meanwhile, Musk has been vocal about government reform, suggesting that significant cuts could be made to federal spending. The billionaire entrepreneur also echoed concerns about the growing influence of the “unelected” bureaucratic institutions, including the Federal Reserve.

“The unelected and unconstitutional Federal bureaucracy currently has more power than the presidency, legislature or judiciary! This needs to change,” Musk stated in a post on Saturday.